OREANDA-NEWS The introduction of fines for foreign currency earnings unsold by exporters is still premature, the current legislation allows to resolve this issue without forced will. This was stated by its first deputy head Daniil Bessarabov, explaining the decision of the State Duma Committee on State Construction and Legislation to reject the initiative, Interfax reports.

The Committee opposed the document before the second reading. In the first one, it was adopted on November 30 last year. Its developers were a group of senators and deputies led by Andrei Klishas.

It was assumed that the fines would return to the Code of Administrative Offenses (CAO), while they wanted to extend the norm to legal relations that arose from October 11, 2023. On this day, the President of the country signed a decree on the mandatory sale of foreign exchange earnings by individual exporters, the list of which is set later.

Before the first reading, the deputies had already noted that the extension of the law to previously existing relations contradicts the Administrative Code. This position of the legal department of the State Duma was supported by the government. The Russian Union of Industrialists and Entrepreneurs (RSPP) was also in favor of finalizing the document.

At the end of January, it became known that the government would extend the mandatory sale of foreign exchange earnings by the largest exporters until the end of 2024. According to officials, the scheme has effectively proven itself.