New elements of administrative offence for breach of currency legislation were introduced to the Administrative Offences Code of the Russian Federation

Part 2.1 was added to article 15.26 of the Administrative Offences Code of the Russian Federation "Breach of Currency Legislation of the Russian Federation and Acts of Currency Regulation Authorities". The said added part provides for liability for a non-resident's failure to submit to a tax authority a notice regarding opening (closing) of an account (deposit) in a bank located outside the Russian Federation. This act entails holding individuals liable to pay an administrative penalty in the amount from four thousand roubles to five thousand roubles, holding officials liable to pay from forty thousand roubles to fifty thousand roubles and holding legal entities liable to pay from eight hundred thousand roubles to one million roubles.  

The amendments shall become effective on 29 October, 2012.