22.03.07

On 21 March 2007, the State Duma read for the third time and accepted in its final version a law mandating that the prices for goods and services be stated in rubles. The bill also would allow prices to be additionally stated, if necessary, in a foreign denomination.

Originally the document was much stricter; it would have banned the use of foreign and conventional denominations for stating prices, transaction amounts, and budget data in public speaking. This would have affected Duma deputies, members of Federation Council, as well as administrative officials and journalists. Initially, punishments for violating the prohibition would have included a warning for the first violation, and a fine of up to 200 times the minimum wage (currently 1100 RUR) for each additional infraction.

However, after long debating the provisions, lawmakers softened the bill. Now the law suggests regulating the use of these denominations only in speeches of federal parliamentarians and members of Cabinet Council by internal regulations and presidential orders. The approved law itself creates no new fines or disciplinary actions.

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