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Russia reduces penalties for graft

Russia President Vladimir Putin at a Moscow news conference on December 14, 2014 (Image courtesy of the Kremlin)President Vladimir Putin (where is he?) signed changes to Russia’s Criminal Code that reduce fines for those convicted of paying or taking bribes.

The amendments were posted on the official website for Russian legislation on March 9.

The minimum fine for taking a bribe was reduced from 25 times the amount of the bribe to 10 times the amount, RFE/RL said, based on reporting by TASS and Interfax.

Those convicted of paying bribes now face a minimum fine of five times the amount of the bribe, down from 15 times the amount of the bribe.

For large bribes — more than 25,000 rubles (about $400) — the financial penalty is reduced from 20 times the amount of the bribe to 10 times the amount, the report said.

The amendments changed the time when fines must be paid from 30 days to 60 days. The change applies to both bribe payers and takers.

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Richard L. Cassin is the publisher and editor of the FCPA Blog. He can be contacted here.

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