Responsibility for violation of the norms of the currency legislation of the Republic of Belarus

All settlements under foreign trade agreements under which legal entities and individual entrepreneurs issued transaction passports are carried out only through service banks where such transaction passports are endorsed.

Legal entities and individual entrepreneurs are required to provide for foreign economic operations:

cash flow from the export of goods

(works, services) no later than 90 calendar days from the date of shipment of goods, work, services, and from export under commission agreements of goods (works, services) produced by residents of the Republic of Belarus, – no later than 180 calendar days; performance of work, provision of import services no later than 90 calendar days from the date of payment for work performed, services rendered; receipt of goods for import no later than 60 calendar days from the date of payment for goods; receipt of goods, performance of work, provision of services with a non-monetary form of termination of obligations under a bilateral foreign trade agreement, providing for an equivalent exchange of goods, or other operations for which raw materials, materials, components, semi-finished products, equipment and energy carriers used for their own production are supplied, no later than 60 calendar days from the date of their each export shipment.

To legal persons and individual entrepreneurs of the Republic of Belarus are subject to various economic sanctions for violating currency regulation. So for:

unauthorized exceeding of the terms of foreign trade operations a sanction is determined in the amount of up to 2 percent of cash not received on time for each day of exceeding the deadline, but no more than the amount of the indicated cash not received within the established period; excess of the amount of transferred funds for import (cost of shipped goods, work performed, export services provided) in comparison with the contractual value of the goods received, work performed, services rendered (the amount of money received) – in the amount of the difference between them; export of goods (works, services), paid by Belarusian rubles for a non-resident – in the amount of up to 100 percent of the amount of these funds; presentation of false information when issuing a license or other permits for the import (export) of goods, a transaction passport, statistical declaration or periodic statistical declaration or making changes and (or) additions to the contract during its execution without reflecting these changes in the transaction passport within the established time frame – in the amount of up to 20 percent the contract value of exported (imported) goods; violation of the established procedure for conducting foreign trade operations: lack of a license or other permits, a transaction passport, a statistical declaration or a periodic statistical declaration issued in cases established by law, – in the amount of up to 100 percent of the value of exported (imported) goods, work performed, services rendered; failure to fulfill the statistical declaration registered by the registered customs authority within the prescribed time period if the shipment of goods specified in this declaration, did not take place – in the amount of up to 20 percent of the contract value of the goods indicated in it; misuse of foreign currency funds acquired in the domestic foreign exchange market for Belarusian rubles, – in the amount of up to 100 percent of the amount of funds used for other purposes; non-compliance with the statutory terms for the use of foreign currency funds acquired in the domestic foreign exchange market, – in the amount of 1 percent of the amount of unused foreign currency funds on time for each day following the date of delay, but not more than the amount of unused funds; failure to submit or untimely submission by the exporter to the servicing bank of documents, confirming the grounds for receiving funds under a foreign trade agreement, as well as for submitting inaccurate information to the bank – in the amount of 1 percent of the funds received under this foreign trade agreement; the presentation by the importer of inaccurate information on payments made under the foreign trade agreement in the amount of 10 percent of the amount of the payment made.

However, economic sanctions are not applied in cases confirmed by relevant documents if:

the goods at a time when the Belarusian side was carrying risks were destroyed, irretrievably lost due to an accident or force majeure; there was a shortage due to natural wear or loss under normal conditions of transportation and storage; the goods dropped out of the possession of the Belarusian side due to illegal actions of bodies or officials of a foreign state; the return of the amount transferred to the payment of goods was impossible due to the force of force declared by a foreign state moratorium, as well as unlawful actions of bodies or officials of a foreign state.

In the case of several violations under a foreign trade agreement, economic sanctions are applied for each violation, but in the aggregate they cannot exceed the value of the exported or imported goods, work performed, and services provided.

Payment of economic sanctions is carried out by a legal entity or an individual entrepreneur within 15 calendar days from the date of receipt of a decision on the application of economic sanctions in foreign currency provided for by the terms of the contract, or in Belarusian rubles at the official rate of the National Bank on the day of payment.