Government approves increase in fines for economic crimes in Russia

The Ministry of Justice has proposed raising the maximum fines imposed in criminal cases related to economic offenses. The government commission on legislative drafting approved the draft amendments to the Criminal Code, which will increase fines by approximately 1.5-2 times, according to sources close to the commission. The project encompasses dozens of articles – from fraud to tax evasion. According to the judicial department of the Supreme Court, between 2021-2023, 3126 individuals were convicted under economic articles, with over half of them (51%) receiving fines as their main punishment. Courts are increasingly imposing fines close to the upper limit of the sanctions.