Finance Ministry proposes to triple fines for illegal currency transactions

The Ministry of Finance, against the backdrop of Western sanctions, proposed to significantly reduce fines for companies for non-return of EXPORT earnings and illegal foreign exchange transactions.Penalties for non-repayment of advances on imports and loan agreements are not planned to be changed

The Ministry of Finance of RUSSIA has prepared and submitted to the government a draft law significantly mitigating administrative liability for violations of currency legislation. The liberalization of foreign exchange regulation in Russia was first accelerated by the CORONAVIRUS pandemic, and now by the Western sanctions campaign. The Ministry of Finance proceeds from the fact that "in the context of the current geopolitical situation and the use of restrictive measures against Russian exporters by a number of foreign states, the adoption of the bill will mitigate the negative impact of such measures on exporters," according to the materials for the bill that RBC has (their content was confirmed by a source familiar with the initiative).

Earlier in March, RBC wrote that the government was considering mitigating the liability of exporters for violations in obtaining foreign exchange earnings, which was complicated due to sanctions.

The bill was supported by the government commission on legislative activities and will be considered after completion at a meeting of the government of the Russian Federation in the prescribed manner, the press service of the government told RBC.

Reduced fines for a number of currency violations

As follows from the text of the bill, the prepared amendments to Art. 15.25 of the Code of Administrative Offenses (CAO) suggest a reduction in fines: