MOSCOW, July 16 (RAPSI) - The first two convicts have been released from colonies under the recently passed law on economic crime amnesty, the Federal Penitentiary Service's press office told RIA Novosti on Tuesday.

"The first convicts have been released under the economic crime amnesty in the Khanty-Mansi Autonomous Area-Yugra," the press statement said. The individuals include a young woman born in 1993 and a young man born in 1989, the statement said.

On July 2, the bill on economic crime amnesty was approved by the State Duma and will be executed over the next six months.

The resolution releases from criminal liability, regardless of the designated prison term, individuals convicted or held liable under 27 articles of the Criminal Code related to business activities. For the amnesty to take effect, a suspect or a convict has to return the property or compensate the damages to the complainants.

The amnesty applies not only to individuals serving prison terms but also persons who received non-custodial or suspended sentences or were convicted on parole.

Talk of a financial amnesty emerged after business rights ombudsman Boris Titov pleaded with the Duma to release 111,000 entrepreneurs from prison. He said many were pressured into breaking the law by flawed and overly strict financial regulations.