MOSCOW, May 24 — Russia yesterday said domestic exporting companies would have to sell 50 per cent of their income in foreign currency, a reduction from 80 per cent earlier, after Moscow said the ruble stabilised.

After the West slapped sanctions on Russia over the start of Moscow’s military offensive in Ukraine in February, financial authorities introduced harsh capital controls.

They ordered exporting companies to sell 80 per cent of their export earnings to buy rubles, among other measures.

Since then, the ruble has staged a spectacular rebound and strengthened around 30 per cent against the dollar.

Yesterday, the finance ministry, citing a government commission, said exporting companies would now be required to sell 50 per cent of their income in foreign currency.

“This is due to the stabilisation of the ruble exchange rate and the achievement of a sufficient level of foreign currency liquidity in the domestic foreign exchange market,” the finance ministry said.

President Vladimir Putin has repeatedly claimed Russia’s economy has managed to weather the barrage of unprecedented Western sanctions. — AFP