A bill on fines for non-sale of foreign currency earnings has been introduced to the State Duma

Introduced to the State Duma bill, which are proposed to establish fines for failure to fulfill the obligation to sell foreign currency earnings and violation of the procedure for such a sale. It is proposed to set the fine for officials in the amount of 40 thousand to 50 thousand rubles. , for legal entities – from three-quarters to one of the amount of foreign currency earnings not sold in the prescribed manner.

“The projected changes will improve the procedure for the transfer of shares from foreign holding companies operating in unfriendly countries to indirect shareholders and protect the interests of economically significant organizations in the face of increasing sanctions pressure,” says the explanatory note to the bill. It is assumed that Rosfinmonitoring will consider administrative cases.

On October 11, Russian President Vladimir Putin signed a decree on the mandatory repatriation of foreign currency earnings for a number of companies and their sale on the Russian market. The document is confidential and not published. It was only reported that mandatory repatriation and sale of most foreign currency earnings was being introduced for a six-month period for 43 groups of companies. The list of organizations is not disclosed, however, according to “Kommersant” included companies whose share of exports in revenue exceeds 60%.

On October 13, the government set the parameters for mandatory repatriation and subsequent sale of foreign currency earnings. From October 16, exporters will be required to credit their accounts in Russian banks with at least 80% of the currency received under export contracts, in order to then sell at least 90% of these amounts on the domestic market.

Read more in the Kommersant article. “A percentage was assigned to the revenue”.