A record number of cases of violations of currency legislation have been initiated in Russia.

According to a report by the Federal Tax Service, a record number of cases of violations of currency legislation have been initiated in Russia — almost 100,000 (Izvestia has it). Representatives of the business community explained that these problems are mainly related to the delay in the return of foreign exchange earnings and other difficulties in reporting cross-border transfers. These problems were caused by the tightening of sanctions last year, as the company was technically unable to transfer funds. However, companies should hardly expect any soft policy from the authorities – they should not allow capital outflows, as this will weaken the ruble exchange rate and put pressure on inflation.

The Federal Tax Service indicated that a large number of violations were related to the late submission to the tax authorities of notifications on the opening of foreign accounts and cash flow reports by Russian legal entities and individuals. There are also issues related to the return of foreign currency earnings.