Economic security

Russia piles pressure on exporters to sell foreign currency

The Russian government has resumed pressure on exporters to sell foreign currency in an effort to prevent global market turbulence from triggering another rouble sell-off.

In meetings and calls from August 19, Central Bank and cabinet officials instructed executives at state-owned and private companies on when and how much of their dollar revenues to convert to roubles, company officials said.

"There is monitoring on a daily basis now," said a source at Alrosa, the diamond miner. An source close to Rosneft, the state oil company, said: "Forex sales are being conducted on direct orders from the government."