MOSCOW, November 17 (RAPSI) – The Russian government has submitted to the State Duma a bill increasing fines for breaching the rules relating to acquisition and disclosure of trade secrets, commercial or financial information, reads a statement posted on the government's website on Monday.

The existing fines are inadequate, according to the statement.

The bill proposes fines of up to 500,000 rubles ($10,550) or an amount equal to a one-year salary for acquiring information that includes commercial, tax or bank secrets through theft, bribes, intimidation or any other method. The current penalty is a fine of up to 80,000 rubles (about $1,700) or an amount equal to the suspect’s salary for one to six months.

Fines for disclosing or using information that includes commercial, tax or bank secrets without the permission of the owner by those who were entrusted with these secrets or learned about them in the line of duty would be up to 1 million rubles ($21,100 ) or an amount equal to a two-year salary. The current penalty is a fine of up to 120,000 rubles ($2,530) or an amount equal to a one-year salary.

If the said crime resulted in serious damage or was committed for mercenary purposes, the penalty would be a fine of up to 1.5 million rubles ($31,650) or an amount equal to a three-year salary.  The current penalty is a fine of up to 200,000 rubles ($4,220) or an amount equal to an 18-month salary.

The government discussed and approved the bill at a meeting on November 11.

Prime Minister Dmitry Medvedev said the proposed measures would have a positive effect on the national economy and financial market, including its foreign currency segment, and would also deter those who profit from transactions based on insider information.