MOSCOW, October 3 – Novosti. The Ministry of Finance of the Russian Federation wants to extend the moratorium on prosecution for currency violations to 2023, said Ivan Chebeskov, director of the financial policy department of the ministry.
“Now it is allowed not to repatriate foreign exchange earnings – in this sense, regulation has become even more liberal than it was before the tightening of sanctions. A moratorium on prosecution for foreign exchange violations has been introduced until the end of the year. The Ministry of Finance is in favor of extending it for the next year,” – Chebeskov said in an interview with RTVI.
The law on the moratorium on the application of administrative liability in relation to residents of the Russian Federation for violation of certain norms of currency legislation was adopted in the summer, its norms apply to legal relations that arose from February 23 to December 31, 2022.
Chebeskov noted that Russia this year has faced restrictions that no other country has faced. As a result, according to him, the whole paradigm of currency regulation in the Russian Federation has changed a lot, it will evolve until a new balance is reached.
“We used to live in line with the constant liberalization of foreign exchange controls and the floating exchange rate of the ruble. But when such sanctions are imposed on the country, the previous approach to foreign exchange regulation is simply impossible,” he explained.
“If earlier a business could earn money in Russia and withdraw part of its profits in the form of dividends abroad – to offshore companies, now it has become a more risky strategy, and business, on the contrary, is transferring holding companies to Russia,” Chebeskov said.