MOSCOW, October 3 – RIA Novosti. The Ministry of Finance of the Russian Federation wants to extend the moratorium on prosecution for currency violations until 2023, reported Ivan Chebeskov, Director of the Ministry’s Financial Policy Department.

“Now it is allowed not to repatriate foreign currency earnings – in that sense, regulation has become even more liberal than before sanctions were tightened. A moratorium on prosecution for currency violations was introduced until the end of the year. The Ministry of Finance is in favor of extending this for next year.” – Chebeskov said in an interview with RTVI.

The law on the moratorium on the implementation of administrative liability for violations of certain norms of currency legislation in relation to residents of the Russian Federation was adopted in the summer, its norms apply to legal relations arising from February 23 to December 31, 2022.

Chebeskov noted that Russia has faced restrictions this year that no other country has faced. As a result, according to him, the entire paradigm of currency regulation in the Russian Federation has changed a lot, it will evolve until a new equilibrium is reached.

“We were living in harmony with the continued liberalization of currency controls and the floating exchange rate of the ruble. But when such sanctions are imposed on the country, the previous approach to currency regulation is absolutely impossible,” he said.

“If earlier a business could make money in Russia and withdraw some of its profits in the form of dividends abroad – to offshore companies, it has now become a riskier strategy and the business, on the contrary, transfers holding companies to Russia,” said Chebeskov.