authorities are preparing a bill on fines for non-compliance with special measures – Kommersant

The Russian Ministry of Justice is overseeing the development of a bill on liability for violation of counter-sanction measures, the newspaper reported “Vedomosti” with reference to sources. A representative of the Ministry of Finance explained that we are talking, among other things, about introducing a separate article into the Administrative Code. The Russian Union of Industrialists and Entrepreneurs has already been informed about the preparation of the draft law.

According to a source close to the government, the bill was planned to be adopted before the end of 2023, but disagreements arose in the State Duma over liability measures for violating special measures. In particular, it was not possible to agree on the introduction of fines for violation of requirements for the sale of foreign currency earnings. The government insisted on maintaining this clause in the package of amendments to the Administrative Code. At the same time, the State Construction Committee considered that the measure should be reflected only in a general document on responsibility for violations.

After the introduction of Western sanctions in 2022, President Vladimir Putin signed several decrees on special measures in connection with unfriendly actions of other countries. In October 2023, exporters were required to credit at least 80% of the foreign currency received to accounts in Russian banks and sell at least 90% of the credited proceeds.

January 23 First Deputy Prime Minister Andrei Belousov reportedthat the government will propose to extend the measure on the sale of foreign currency earnings. Meanwhile, the Central Bank not found for this reason. In February the government spoke for fines due to non-sale of foreign currency earnings.

About why exporters continue to take currency abroad – in the publication “Kommersant” “Dollars accumulated in banks”.

Lusine Balasyan