Russia’s President Vladimir Putin signed a bill which sets prices and tariffs on services in the country’s ports into Russian rubles. The law was approved in July and was published last week.
The State Duma (lower house of parliament) passed the document on July 26, which was also approved by the Federation Council (upper house) on July 28. The new law was then published on the Russia’s Government official website last week, according to the Russian news agency TASS.
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According to the bill, amendments will allow tariffs, prices and rates to be in foreign currency or notional currency units, only in cases where the federal law approves it.
This legislation aims to secure Russian legal entities against a price growth in seaports, because of the national currency’s exchange rate fluctuations.
In addition, the law sets out a transition period until January 1, 2025 for Russian legal entities with foreign exchange liabilities, for investing in seaport infrastructure development as of January 1, 2018.
