The Russian Foreign Ministry has prepared amendments to the Russian Code of Administrative Offenses, imposing fines for violating the deadlines for the submission of foreign-currency operations accounting forms, confirming documents, and other information when carrying out foreign-currency operations, depending on the length of the delay.

According to the draft amendment posted on the ministry’s website in late February, in case of missing the deadlines for the submission by up to 10 days, responsible parties will be issued a warning or required to pay an administrative fine between 500 and 1 000 roubles, legal entities will be fined between 5 000 and 15 000 roubles.

If the deadline is missed by 10-30 days the fine for the party could be 2 000 – 3 000 roubles, for a legal entity it could be 20 000 – 30 000 roubles.

Maximum fines are being proposed for the breach of deadlines by 30 days and more. In this case individuals will be fined 4 000 – 5 000 roubles, and legal entities 40 000 – 50 000 roubles.

The current version of the Code imposes a fine of 4 000 – 5 000 roubles on individuals and 40 000 – 50 000 roubles on legal entities for missing deadlines by any length of time.