The Bank of Russia plans to soften penalties for currency violations

The Central Bank presented a draft of the main strategic directions for the development of the financial market for 2024-2026. The document reflects the goals of transforming the Russian economy and increasing market stability.

The Bank of Russia reminded that, as the situation normalized, it significantly eased and, in some cases, lifted currency controls. Such restrictions can practically hinder foreign economic activity. In this regard, it is proposed to simplify requirements for residents to the maximum and take into account differences in the stringency of requirements for non-residents depending on jurisdiction and the scale of sanctions. The principle of reciprocity implies the introduction of bans and restrictions only against countries taking similar measures against Russia.

The Central Bank of Russia is also considering the possibility of lifting counter-sanctions in case of easing measures by unfriendly countries. An important aspect is a balanced approach that considers the interests of the Russian economy and the attractiveness of the financial market for national and foreign investors. The regulator calls for making counter-sanctions temporary and targeted, moving towards their abolition.

The Central Bank also proposes to soften administrative liability for currency violations related to sanctions and reduce penalties for participants in foreign trade in the field of currency control. According to the regulator, this will create favorable conditions for foreign trade, and strict restrictions can distort the dynamics of the exchange rate in the domestic market. The stability of the ruble depends on trust in it and the readiness of residents and non-residents to use it in settlements, savings, and investments, notes the Central Bank of Russia.