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Russian Law: Parliament in Action
May 28, 2013 22:24

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1. No Cash, No Pain.

Russia is inching closer to putting tighter controls on cash transactions, in line with similar moves introduced in some of EU member states.

The Finance Ministry promised to submit a bill to impose limits on cash transactions since 2014.

According to the bill reviewed by Izvestia daily, any deals in cash worth higher than $20,000 will be banned starting from next year, and 2015 will see a limit dropping to $10,000.

This comes as the government is increasingly struggling for budget revenue while the black economy is thriving.

According to Forbes, “the global off-the-grid economy represents $10 trillion worth of economic activity per year.”

However, tighter regulation might backfire and prompt a rebellion if the middle class are cornered into more restrictions, fewer freedoms, higher taxation and flat salaries.

2. Don’t Be Greedy.

In another piece of legislation, MPs seek to cap the so called golden parachutes, or rather bonuses to outgoing senior managers of state-run companies.

If the draft law enters into force, payments to heads of state corporations would be limited to between three and 12 monthly salaries, and payments to CEOs of companies with a big state stake would not be higher than 3-18 monthly wages.

If the bill is passed and signed into law, it will become effective starting from 1 August 2013.

3. Same Sex Couple? No, Thank You.

MPs are considering amendments to existing legislation that will ban adoptions by foreign same sex couples, says Izvestia daily.

According to deputy chairman of the State Duma committee on family, motherhood and children, Olga Batalina, their committee will hold a joint session with the foreign affairs committee to identify what measures need to be put in place to make this ban effective.

MPs have referred to legalization of same sex marriages by parliaments of several EU countries, in particular France, as the reason for the move. 

Author: Mikhail Vesely

Tags: Russian law Parliament in Action    

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