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Russia’s Cabinet backs $15k fines for breaking precious metals and stones handling rules

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Staff Writer | Saturday February 2, 2019 6:30AM ET
Russia mine
Russia   Currently, fines for breaking these rules are ranging from 3,000 to 5,000 rubles

Russian Cabinet of Ministers has approved a bill increasing fines for violating rules of producing and handling precious metals and precious stones up to 1 million rubles ($15,000), according to a statement published on the government’s website.


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Currently, fines for breaking these rules are ranging from 3,000 to 5,000 rubles ($50-80) for individuals and from 30,000 to 50,000 rubles ($500-800) for companies.

Under the proposed amendments, individuals would be punished with fines of up to 120,000 rubles (about $2,000), and companies would face fines of up to 1 million rubles ($15,000).

The initiative is aimed to lower offences in the field of precious metals and precious stones and to curb shadow market, the statement reads.

 

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