Tashkent, Uzbekistan (UzDaily.uz) — The Legislative Chamber of the Oliy Majlis of Uzbekistan approved in the first reading on 29 September a bill that would allow fines for failure to repatriate assets from foreign trade operations to be reduced under certain conditions, the lower house’s press service said.
Amendments to the Law “On Currency Regulation” would also expand the powers of economic courts when considering disputes related to foreign trade operations. According to the authors of the initiative, the changes are intended to strengthen judicial protection of entrepreneurs’ rights and legitimate interests.
Deputies noted that the current procedure does not always allow the circumstances of individual cases to be taken into account.
An analysis of law enforcement practice showed that in some cases entrepreneurs take all measures within their control to fulfill their obligations but cannot ensure the timely repatriation of assets because of actions by foreign partners, restrictions in payment systems and other objective circumstances.
The bill provides for the possibility of reducing the fine by 50% if the established conditions are met.
The authors linked the need for such mechanisms to the growing number and volume of fines. In 2024, economic courts held 3,500 entrepreneurs liable for failure to repatriate assets, with the total amount of fines reaching 752 billion soums. In 2025, the number of fines increased 2.5 times to 9,100, while their total value more than quadrupled to 3.3 trillion soums.
A total of 132 deputies attended the session. The bill was supported by 123 lawmakers, one voted against, five abstained and three did not vote.
The amendments are linked to government measures aimed at reducing receivables in the foreign trade sector.
At the end of August, President Shavkat Mirziyoyev signed a decree launching a nationwide campaign to reduce such receivables. Until 1 January 2027, companies will be allowed to settle the debts using their own funds without paying a fine.
From 2027, the fine for failure to ensure the repatriation of assets from foreign trade operations will be reduced by half if at least one of the prescribed conditions is met.
In particular, a resident must make good-faith efforts to take all measures within its control to repatriate the assets, including protecting its rights in court or arbitration.
Repatriation of 50% or more of the proceeds will also serve as grounds for reducing the fine.
In addition, a reduction will be available when the repatriation of assets is restricted by widely known international sanctions, restrictions on the operation of banking or payment systems, or a ban on foreign exchange transactions.
