A new Russian law prohibits linking prices of local products to foreign currencies or indices
Today, the Russian government passed a law prohibiting setting domestic contract prices based on foreign currencies and global commodity indices.
The RIA Novosti news agency quoted the Russian Finance Ministry as saying that the bill had already been approved.
The draft law prepared by the Russian Federal Antimonopoly Service prohibits setting the price of Russian contracts by foreign currency, exchange index or over-the-counter indices on global commodity markets.
The project included changes in the Civil Code that directly allowed prices in contracts to be linked to foreign currencies and other indicators, although even in this case payment must be made in rubles.
The draft also provided for the processing of all contracts already concluded within 30 days from the date of the official publication of the law.
Inas Abdulkareem