Penalties for violations of foreign economic activity will be reduced. Mitigation of liability.
The corresponding law, amending the Code of Administrative Offenses of the Russian Federation, has already been signed by the President of the Russian Federation, it applies to all participants in foreign economic activity (abbreviated as foreign economic activity) and will affect the proceedings now being considered in court.
The amount of fines will be reduced, the principle of penalties from officials will be revised. Thus, there is a significant mitigation of liability, which is caused by the direct impact on this area of sanctions and other restrictive measures introduced by Western countries in the spring and summer of 2022. The new law FZ-275 dated July 13, 2022 has already been officially published on the portal of legal information, in the main part it enters into force in the standard terms - after 10 days.
The amendments have been made to Art. 15.25 of the Code of Administrative Offenses of the Russian Federation, which establishes the amount of penalties for violation of currency regulation, including, the following penalties are significantly reduced:
the fine for illegal currency transactions (Part 1) has been more than halved, from 75-100% of the transaction amount to 20-40%;
the fine for non-fulfillment by the exporter of the obligation stipulated by Part 4 (on receipt of the proceeds not credited to the accounts in authorized banks on the accounts within the established period), from 3-10% of the amount of funds not credited to the account, is reduced to 3-5%, then yes, the upper limit of punishment is halved. An exception is made for operations stipulated by contracts for the export of timber and timber products.
As for fines from officials for violating currency laws and currency regulation, they will also be charged under the new law as a percentage of the amount of the violation, and not in a fixed fixed amount, as is currently envisaged.
Failure to comply with the requirements of the current currency legislation of the Russian Federation will not be considered a basis for bringing to administrative responsibility if it is due to sanctions, that is, restrictive economic measures taken by unfriendly Western countries against Russian individuals and legal entities.
The new law provides that all pending legal proceedings on violation of currency legislation by participants in foreign economic activity, initiated on the facts of non-compliance with the requirements of the law from February 23, 2022, are subject to termination if the violation was caused by the sanctions of an unfriendly state. That is, the law is given retroactive effect in this part.
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