For residents of the Russian Federation, a moratorium on bringing to administrative responsibility for violating a number of norms of currency legislation will be introduced, and the size of the fine for illegal currency transactions will also be reduced.
On July 5, the State Duma adopted in the third reading a law containing the relevant amendments. The application of Part 1, Part 4, Part 4.1, Part 4.3, Part 5 of Article 15.25 of the Administrative Code to a resident is suspended if a violation of the requirements of the currency legislation occurred due to the sanctions imposed on him.
This law also provides for a reduction in the amount of fines for citizens and legal entities for illegal currency transactions. The amount of the fine will now be from 20% to 40% of the amount of the illegal currency transaction. For officials – from 20% to 40% of illegal currency transactions, but not more than 30 thousand rubles.
Regarding the moratorium on bringing to administrative responsibility, the law will come into force from the moment of its publication. At the same time, these amendments will extend their effect to legal relations for the period from February 23 to December 31, 2022. The remaining provisions of the law will come into force in 10 days from the date of its publication.
Nadmitov, Ivanov and Partners Law Firm actively advises clients on issues of currency law and control.