The key facts
- Courts will be able to reduce the fine by 50% given at least one mitigating circumstance, including the return of 50% of assets
- In 2024, fines: 3.5 thousand entrepreneurs for 752 billion soums; in 2025 — 9.1 thousand for 3.3 trillion soums
- Until January 1, 2027, a decree allowing debt repayment without a fine remains in effect
Amendments Passed Second and Third Readings
The Legislative Chamber of Uzbekistan's Oliy Majlis passed, in second and third readings, a draft of amendments to the law “On Currency Regulation,” the press service of the lower chamber of parliament reported. The document, which passed its first reading at the end of September, is aimed at softening sanctions for failure to repatriate assets under foreign trade transactions for bona fide entrepreneurs. It concerns a revision of Article 11−1 of the law.
Reasons for the Changes
In the deputies' view, businesses in some cases take all measures within their power, yet the repatriation of assets often proves impossible due to the actions of foreign partners, restrictions in payment systems, and other objective circumstances. The current procedure does not allow courts to fully take the situation into account and proportionately reduce fines. Statistics show growth in sanctions: in 2024, economic courts fined 3.5 thousand entrepreneurs a total of 752 billion soums, and a year later the number of fines grew 2.5-fold — to 9.1 thousand — while their total amount more than quadrupled, to 3.3 trillion soums. These figures, as noted at the session, point to the need for additional mechanisms to protect bona fide companies.
The Essence of the Bill
The bill allows courts to reduce the fine by 50% given the presence of at least one mitigating circumstance. During preparation for the second reading, the provision was extended to entrepreneurs who returned exactly half of the assets. The bill now awaits approval by the Senate, after which the president must sign it for it to enter into force.
Context: Presidential Decree
At the end of August, Shavkat Mirziyoyev signed a decree on a nationwide campaign to reduce accounts receivable in the sphere of foreign trade transactions: until January 1, 2027, companies may repay debts from their own funds without paying a fine. From next year, the fine for failure to ensure the repatriation of assets will be halved if at least one of the following conditions is met: the resident in good faith takes all measures within its power, including judicial or arbitration protection; has ensured the repatriation of at least 50% of the proceeds; or repatriation is restricted due to international sanctions, restrictions in the operation of banking or payment systems, or a ban on currency transactions. Earlier, Spot reported that Uzbekistan plans to create a company to manage currency and interest rate risks.
