Amnesty for business on forced violations of currency legislation

During the St. Petersburg International Economic Forum held on June 14-17, 2023, the President of the Russian Federation Vladimir Putin announced that the moratorium on administrative liability for sanctions-related violations of currency legislation will be extended for the next year of 2024.

The moratorium on fines has been in effect since February 2022. It is applied in case of non-compliance with currency control requirements due to the anti-Russian sanctions. Before the moratorium, legal entities-violators faced a fine of 75-100% of the amount of the illegal currency transaction, officials – from 20 thousand to 30 thousand rubles.

Also, the President of Russia instructed the government together with the Central Bank to make decisions on declaring an amnesty for businesses on forced violations with currency. The amnesty should exclude the application of punishment against residents who failed to fulfil the requirements of the currency legislation of the Russian Federation during the moratorium period, if such violations were caused by anti-Russian sanctions. A report on this topic was to be submitted by September 1, 2023.