Who decides to apply or cancel the new special economic measures?
A decision concerning the application of the new measures to particular parties and the period of their application is made by the President upon proposal of the Security Council, and the measures may also be canceled by decision of the President.
No specific conditions were established for introducing or canceling new special economic measures.Who is responsible for implementing the new special economic measures?
Under Law No. 422-FZ, entities that conduct transactions with cash/other assets ("Authorized Entities") are responsible for implementing the new measures. These are companies operating in 19 industries, including the following:
- Credit and insurance institutions
- Leasing companies
- Operators of financial and investment platforms
- Entities that provide intermediary services in transactions involving the purchase and sale of immovable property
- Non-state pension funds
Authorized Entities are required to provide information on the implementation of the special economic measures to the Bank of Russia/federal executive bodies specified by the Government.
The Bank of Russia and the specified executive bodies, in their turn, are required to provide summarized aggregated information on the measures implemented to the Ministry of Finance on a quarterly basis.May anybody be held liable for a failure to implement the special economic measures?
Under Law No. 422-FZ, Authorized Entities are liable for failure to implement the new measures.
For example, the Bank of Russia may revoke a banking license issued to a credit institution or cancel a professional license issued to a professional securities trader.