State Duma deputies plan to remove the amendment on fines for the largest exporters for violating requirements for the sale of foreign currency earnings. About it “Vedomosti” said a source close to the Russian Union of Industrialists and Entrepreneurs (RSPP).
The amendment on fines for violating the rules for the sale of currency was previously included in the draft amendments to the Code of Administrative Offenses (CAO, first reading back in November 2023). However, the RUIE advocated introducing a moratorium on prosecution for violations of currency legislation.
One of the authors of the bill, member of the Committee on State Construction and Legislation, Daniil Bessarabov, confirmed to Vedomosti that the rule on introducing fines for exporters will be excluded from the bill. Its discussion will take place on February 12. Otherwise, the project will not be changed. Daniil Bessarabov points out that the concept of the bill has changed due to discussions in the government – some are in favor of fines, and some are against. The amendments also provide for penalties for non-purchase of shares of foreigners when transferring shares of economically significant organizations to Russian jurisdiction.
Exporters are required to sell foreign exchange earnings from October 16. This rule was supposed to be in effect until April 30. However, at the end of January, the government announced plans to extend the requirements for mandatory repatriation and sale of currency for the whole of 2024. The Central Bank doubts the need to extend the measure.
Read about why exporters continue to hold currency abroad “Dollars accumulated in banks”.