Russia may introduce a moratorium on currency violations for businesses.
The Russian government plans to release Russian exporters from administrative liability for violations of currency legislation in 2022. The moratorium will be in effect from February 23 to December 31, 2022 and will apply to illegal foreign exchange transactions (purchase and sale of foreign currency bypassing banks, transfer of funds without opening a bank account, etc.), non-repatriation of foreign exchange earnings, failure to fulfill obligations to fulfill or termination of obligations under foreign trade agreements, failure to return funds for goods or services of a foreign supplier not imported into the Russian Federation.
A moratorium on the application of administrative liability for violation of currency legislation may be adopted by the State Duma of the Russian Federation before the end of the spring session.