Putin signs into law bill alleviating responsibility for certain violations of forex regulations

MOSCOW. July 13 (Interfax) - Russian President Vladimir Putin has signed into law a bill alleviating the administrative responsibility for certain types of violations of forex regulations due to the restrictions imposed on Russian citizens and legal entities by unfriendly states, says a statement published on the Kremlin website.

"The administrative responsibility for certain kinds of violations of Russia's forex regulations shall not apply to residents who fail to comply with the respective forex regulations because of the restrictions imposed on Russian citizens and legal entities by foreign states, inter-state associations and unions, state (inter-state) institutions of foreign states, or inter-state associations and unions taking unfriendly actions towards Russia," the bill says.

"The provision applies to the legal relations occurring between February 23 and December 31, 2022," the bill's explanatory note said.

The day the law takes effect, "judges, institutions and officials designated to hear administrative offenses shall stop hearing cases of particular kinds of violations of the forex regulations. The earlier rulings [...] imposing administrative penalties for administrative violations of the kind shall be repealed whenever such forex regulations are not complied with in the period since February 23, 2022, because of the aforesaid restrictions."