Article 111. Liability for failure to ensure the repatriation of assets from foreign trade operations

Residents who fail to ensure the repatriation of assets from foreign trade operations within a period of no more than forty-five days (ninety days for small business entities) after one hundred and eighty days have passed from the date of payment to the non-resident or the date of export, shall pay a fine to the revenue of the Republic budget:

in an amount equal to 5 percent of the sum of the non-repatriated assets, if the repatriation of assets is delayed up to three hundred and sixty days from the date of payment to the non-resident or the date of export;

additionally, in an amount equal to 10 percent of the sum of the non-repatriated assets, if the repatriation of assets is delayed from three hundred and sixty days up to five hundred and forty-five days from the date of payment to the non-resident or the date of export;

additionally, in an amount equal to 35 percent of the sum of the non-repatriated assets, if the repatriation of assets is delayed for a period of five hundred and forty-five days and more from the date of payment to the non-resident or the date of export.

In case of force majeure, the deadline for the repatriation of assets shall be extended for the duration of the force majeure event. The occurrence of force majeure circumstances shall be confirmed by the authorized body in accordance with the legislation of the state where the event occurred.

When the sum of the insurance compensation under an export contract insurance policy is received in the resident's account (in national and/or foreign currencies), the sum of the accounts receivable under that export contract shall be reduced by the sum of the received insurance compensation for the purpose of applying the fine.

Fines for failure to ensure the repatriation of assets from foreign trade operations shall not be applied in the following cases:

during the period of delivery under import contracts where the delivery period for equipment and/or components is set for more than one hundred and eighty days, depending on their technical specifications and specific characteristics;

upon submission of a document issued by the authorized body confirming the destruction or confiscation of goods by state bodies due to the goods becoming unusable during transportation or storage for reasons beyond the parties' control;