MOSCOW, September 2 (RAPSI) – Russia’s Cabinet of Ministers approved a bill aimed at preventing violations in the field of exchange regulation, according to the statement released on the government’s website.

Under the bill, authorized banks would be entitled to deny conduct of currency transactions to the clients if such operations fail to meet the requirements of the Russian currency legislation.

The bill also proposes amendments to the Administrative Violations Code fixing administrative penalties for conducting illegal exchange transactions and wrongdoing connected with repatriation.

Adoption of this bill will improve administration of the budget system’s revenue and operational efficiency of recovery of penalties for currency offenses as well as scale back the number of illegal exchange transactions conducted through authorized banks of the Russian Federation, the statement reads.