Central Bank of Russia allows using foreign currency revenues for covering expenses of fishing ships
Foreign currency revenues can be used for bunkering, repair of ships and ship stores
Central Bank of the Russian Federation gave official explanations on currency settlements by residents. According to the document, Russian companies are entitled to decrease the amount of foreign currency subject to mandatory sale by part of expenses and payments connected with execution of foreign trade contracts in foreign currency.
Thus, fishery companies can use foreign currency revenues for covering operational expenses – bunkering, repair of ships and ship stores needed for fishery, says All-Russia Association of Fishery Enterprises, Entrepreneurs and Exporters (VARPE).
“The Association took the initiative on March 1. It is one of the key points in the package of priority measures developed by VARPE to support the fishery industry,” says the statement.
The list of expenses and payments also includes payment for transportation, insurance, and forwarding of cargo, international telecommunication services including international roaming as well as customs clearance charges.
VARPE says that Viktoria Abramchenko, Deputy Prime Minister of the Russian Federation, who took part in the meeting of the Governmental Commission for the Development of the Fishery Complex held on April 13, supported the proposal on creation of conditions for Russian-flagged fishing ships to call domestic ports for docking, repair and crew change purposes without customs clearance charges for a period up to six months. This proposal is also included into VARPE's package of priority measures.
On February 28, Russian President Vladimir Putin signed an order on obligatory sale of 80% of foreign currency put on accounts of residents starting January 1, 2022.
