On 14 June 2011, the State Duma in the first reading adopted a draft law intended to bring the Administrative Offences Code of the Russian Federation (the "Code") in line with the provisions of the currency legislation of the Russian Federation (the "Draft Law").
Specifically, the Draft Law:
- excludes liability for:
a) violating the rules of using a special account and/or reserve account; and
b) withdrawing and/or depositing money and domestic/foreign securities from and to special accounts without adhering to the set requirements on reserve accounts;
because the corresponding provisions in the currency legislation have expired;
- lists illegal exchange transactions, such as:
a) not using authorised banks to purchase and sell foreign currency and cheques (including travellers' cheques) whose nominal value is quoted in a foreign currency;
b) not using the accounts of authorised banks or the accounts (deposits) in banks located outside the Russian Federation to complete currency transactions not stipulated under the currency legislation of the Russian Federation;
c) exceeding the permitted limit for exporting foreign currency and/or Russian roubles in cash from the Russian Federation;
d) depositing funds on the accounts (deposits) of foreign banks to complete currency transactions not stipulated under the currency legislation of the Russian Federation; and
- excludes the provision of section 7, article 15.25 of the Code that imposes liability for violating the procedure for exporting and importing Russian roubles and domestic securities in documentary form (as the current procedure only imposes a restriction on the amount of cash that may be exported).
The adopted Draft Law brings the provisions of the Code in line with those in current currency legislation. This, in turn, will allow the government to enforce the compliance of residents and non-residents with the currency legislation of the Russian Federation.
The State Duma Committee for Constitutional Law and State Construction is currently amending the Draft Law after the first reading.
[Draft Law No. 512037-5 "On Amending the Administrative Offences Code of the Russian Federation and Federal Law No. 116-FZ, dated 22 June 2007, 'On Amending the Administrative Offences Code of the Russian Federation, Specifically Amending the Terms of Monetary Fines Imposed for Administrative Offences'"]