The law on decriminalization of economic crimes comes into force today,  January 17, 2012.
According to the document, instead of punishment with imprisonment, the law imposes sanctions in the form of fines for crimes in the economic sphere. The court may replace a fine with another sentence only if it is not paid within the period established by a court ruling.

The law establishes the sizes of fines and bails from 17 thousand hryvnias up to 289 thousand hryvnias, depending on the gravity of a crime. In particular, the amount of bail will range between UAH 5,000 and UAH 17,000, on a serious offense - between UAH 17,000 and UAH 76,500, and on a very serious offense committed in the economic sphere - between UAH 76,500 and UAH 289,000.

The convicted offenders or those who are already serving a sentence in detention facilities can be released in case of paying the fine. The size of the fine will be calculated according to the remaining term of imprisonment.

The law also stipulates that detention cannot be applied to individuals who were not earlier convicted, as well as those suspected or accused of a crime punishable by imprisonment for up to five years, except for the cases where they are hiding from the investigation authorities or impeding the investigation of criminal cases.

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