MOSCOW, May 27 (RAPSI) – Russian President Vladimir Putin has submitted a bill to the State Duma that would introduce punishment for fraud associated with premeditated breach of business contracts, according to the database of the lower house of parliament.

Amendments are proposed to Russia’s Criminal Code’s Article on fraud.

The bill stipulates that such crimes would be punishable by fines of up to 300,000 rubles ($4,600) or the offender’s salary or other income for two years; compulsory community service for up to 480 hours; correctional tasks for up to two years; compulsory labor for up to five years or prison sentence of up to five years if they have caused severe damage.

Offenders would face fines ranging from 100,000 ($1,500) to 500,000 rubles ($7,700) or amounting to the offender’s salary or other income over a period from one to three years; compulsory labor for up to five years or imprisonment for up to six years for major fraud.

Large scale fraud would be punished with prison sentence for up to ten years.

Under the bill, “severe damage” would be amounted to upwards of 10,000 rubles ($154); “major fraud” is a crime that caused damage to the extent of 10 million rubles ($153,400); an offence committed towards property estimated at more than 12 million rubles ($184,000) would be considered as large scale fraud.