All news

Bank of Russia to ease responsibility for violating sanctions-related currency control

Earlier, the regulator said it would facilitate speeding up the transfer of currency assets to national currency, as well as introduce additional measures aimed at reducing banking transactions in dollars and euros

MOSCOW, August 4. /TASS/. Russia’s Central Bank favors easing the administrative liability for violating the requirements of foreign currency legislation related to sanctions imposed, according to the regulator’s report dubbed ‘Financial Market: New Tasks under Current Conditions’.

"It is necessary to ease the administrative liability for violating the requirements of foreign currency legislation related to sanctions imposed as much as possible. The Bank of Russia supported the initiative suggesting non-application of administrative liability measures to residents that have violated the requirements of the foreign currency legislation of the Russian Federation, related to restrictions imposed by states taking unfriendly actions against the Russian Federation, Russian legal entities or individuals," the report said.

Earlier, the regulator said it would facilitate speeding up the transfer of currency assets to national currency, as well as introduce additional measures aimed at reducing banking transactions in dollars and euros. In particular, the Central Bank considers it reasonable to convert the funds of state-owned companies in dollars and euros into other currencies. It will also consider the reasonability of setting higher reserve ratios on banks’ liabilities in ‘toxic’ currencies.