Putin proposes amnesty for businesses for involuntary violations of FX legislation

ST. PETERSBURG. June 16 (Interfax) - Russian President Vladimir Putin has proposed declaring an amnesty for businesses for involuntary violations of FX legislation for the period of the moratorium on penalties for such violations, which is due to be extended through 2024.

"We have already simplified the regulation of foreign trade, reduced the penalties for violations of FX legislation by several times, I would like to emphasize, even completely removing them in the case of external unfriendly actions. By the way, this moratorium will be extended for the next year, 2024," he said, speaking at the St. Petersburg International Economic Forum (SPIEF-2023).

"I propose declaring an amnesty for businesses on forced currency violations committed during the period of the moratorium. And completely close this issue, so that then there would be no reason to hold business accountable retroactively," Putin also said.

The issue of an FX amnesty was raised at a recent meeting with representatives of the public business association "Business Russia," he said. "I will tell you frankly, we do not often use such an approach, but now, when violations of obligations by Western counterparties have become common practice, I think it is right to meet the needs of business on such a pressing issue," the president said.