Currency regulation bill: fines on exporters for failing to repatriate proceeds may be cut by 50%

Exporters who have not repatriated foreign currency proceeds may see their fines halved if they made good-faith efforts to recover the money, brought back at least half of it, or were blocked by sanctions. For now this is only a bill: it has passed its first reading and has not become law.

On 29 September 2026, the Legislative Chamber of the Oliy Majlis passed at first reading a bill amending the Law "On Currency Regulation". 123 deputies voted in favour, 1 against and 5 abstained.

When the fine is reduced

The fine is cut by 50% if at least one condition is met:

• The exporter acted in good faith and took all available steps to recover the funds, including going to court or arbitration
• At least 50% of the proceeds have been repatriated
• Repatriation is blocked by international sanctions, bank or payment system restrictions, or bans on currency transactions

Why it matters

Fines for non-repatriation are growing:

• In 2024, 3,500 exporters were fined a total of 752 billion soums
• In 2025, 9,100 fines were imposed, totalling 3.3 trillion soums

Another way to settle the debt

In late August the President signed a decree allowing companies to settle foreign trade debts from their own funds without a fine until 1 January 2027.

What this means in practice. Until the amendments are adopted, fines are charged under the current rules. The bill still has to pass further readings and be approved by the Senate.

If your company has unrepatriated proceeds, gather evidence of your efforts to recover them: claims, lawsuits, correspondence with the bank and the counterparty, and documents on sanctions restrictions. You will need them to seek a reduced fine. In parallel, consider whether it makes more sense to settle the debt before 1 January 2027 under the August decree.

Photo: Hugh Venables, Wikimedia Commons (CC BY-SA 2.0)