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Reduction of fines for currency violations

Reduction of fines for currency violations

LEGAL DIGEST, NEWS \ 14.07.2022

The President of the Russian Federation has signed a law that reduces the amount of administrative fines for violating the requirements of foreign currency legislation.

Starting from July 24, 2022, a new edition of article 15.25 of the Code of Administrative Offenses has been in effect, which establishes reduced fines in the field of foreign currency legislation. The scope of punishment depends on the type of offense committed. More details about the changes can be found in the comparison table below.

Type of offense The scope of punishment now The scope of punishment before
Carrying out illegal foreign currency transactions, including:

– purchase and sale of currencies, the nominal value of which is indicated in the currency, bypassing authorized banks

– settlements for foreign currency transactions in foreign banks that are not provided for by the legislation of the Russian Federation, etc.

Imposition of a fine:

– for legal entities – of 20% to 40% of the amount of an illegal foreign currency transaction

– for officers – of 20% to 40% of the amount of an illegal foreign currency transaction, but not more than 30,000 rubles.

Imposition of a fine:

– for legal entities – of 75% to 100% of the amount of an illegal foreign currency transaction

– for officers – of 20,000 – 30,000 rubles.

Non-fulfillment by a resident of the obligation to repatriate foreign currency earnings within the prescribed period Warning or imposition of a fine:

– for legal entities – of 3% to 5% of the amount of funds not credited to the account (if the obligation under the contract is expressed in Russian rubles), of 5% to 30% (if the obligation under the contract is expressed in foreign currency)

– for officers – of 3% to 5% of the amount of funds not credited to the account, but not more than 30,000 rubles.

Warning or imposition of a fine:

– for legal entities – of 3% to 10% of the amount of funds not credited to the account (if the obligation under the contract is expressed in Russian rubles), of 5% to 30% (if the obligation under the contract is expressed in foreign currency)

– for officers – of 20,000 – 30,000 rubles.

Non-fulfillment by a resident within the prescribed period of the obligation to fulfil or terminate obligations under a foreign trade contract with a non-resident Warning or imposition of a fine:

– for legal entities – of 5% to 30% of the amount of funds owed to a resident from a non-resident

– for officers – of 3% to 5% of the amount of funds owed to a resident from a non-resident, but not more than 30,000 rubles.

Warning or imposition of a fine:

– for legal entities – of 5% to 30% of the amount of funds owed to a resident from a non-resident

– for officers – of 20,000 – 30,000 rubles.

 Please note that administrative liability is not applied to companies if their failure to comply with the requirements of foreign currency legislation is owing to sanctions imposed by foreign states. This rule is applied to legal relations that arose from February 23rd to December 31st of the current year.

Please contact Acsour’s specialists regarding issues relating to the application of foreign currency legislation.

Acsour