The State Building Committee of the State Duma endorsed in the first reading a draft law that would establish administrative liability for companies that do not meet the requirement to sell a portion of their foreign exchange earnings on the Russian Federation’s internal market. This development was conveyed by TASS to readers across the country. The bill envisions penalties that would impact both authorities and business entities, aiming to ensure that foreign exchange earnings are channeled according to the established rules and within the planned timeframes. The proposed framework marks a significant step in the ongoing discussion about currency controls and their role in stabilizing the national economy amid volatile external conditions.
Under the proposal, fines for government bodies are set between forty thousand and fifty thousand rubles. For organizations that fail to comply, the penalty would be calculated as three quarters of the portion of unsold foreign exchange earnings that did not adhere to the approved procedure. Advocates of the measure argue that these monetary consequences will incentivize timely action and reduce deviations from the mandated sale schedule, thereby reinforcing the currency regime that the authorities have pursued in recent years. The initiative was introduced in November by a coalition of deputies and senators, who also put forward another proposal to withdraw shares of foreign companies from unfriendly countries. The joint package is slated for discussion at the forthcoming plenary session of the lower house on November 30, according to the latest briefing from parliamentary channels and tracking news outlets.
Earlier in October, President Vladimir Putin signed a decree directing the return to compulsory sales of foreign exchange earnings for the most substantial Russian exporters. This move, coupled with an increase in the key interest rate to 15 percent, contributed to a notable strengthening of the ruble exchange rate, gaining more than 10 percent in roughly two months. Analysts and market observers have framed the outcome as part of a broader push to shore up financial resilience and maintain orderly currency dynamics in the face of external pressures and economic sanctions that have persisted in recent years. The administration has repeatedly emphasized the necessity of robust controls and predictable policy signals to support domestic industry and investment sentiment during fluctuating global markets, a theme echoed by officials and economic commentators alike in the period following the decree.
There is a continuing emphasis on tightening oversight over corporate operations abroad as part of this policy trajectory. The recent measures are presented as a comprehensive effort to align corporate behavior with national economic objectives, ensuring that foreign exchange transactions comply with the state’s strategic priorities. Observers note that the evolving framework reflects the government’s preference for greater traceability of currency flows and stronger enforcement mechanisms, aimed at preserving stability in the face of external shocks. The overall narrative positions the current actions as a mechanism to reinforce fiscal discipline, support macroeconomic stability, and preserve the ruble’s strength in a challenging international environment.