Supreme Court of Russia Rolls Out Judicial Review on Foreign Currency Cases

FBK Legal has prepared an alert on foreign currency cases.

On 26 June 2024, the Supreme Court of Russia prepared a Judicial Review on certain aspects of application of Art. 15.25 of the Russian Code of Administrative Offences outlining currency offences and regulations of foreign exchange regulation authorities.

In particular, the Supreme Court of Russia focuses on the qualification of administrative offences, limitation on administrative sanctions, as well as the imposition and enforcement of administrative fines.

Key points of the Review:
1. Foreign exchange repatriation

2. Evidence of innocence of a resident legal entity

3. Refusal of an authorised bank to open an account in the contractual currency

4. Multiple sentencing for committing several administrative offences