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Banking and finance

Alerts

19August2024
Russia is opening doors for branches of foreign banks Pepeliaev Group advises that, from 1 September 2024, foreign banks may open branches in Russia.
15August2024
Regulation of cross-border payments that use cryptocurrencies and Russian or foreign digital financial assets Pepeliaev Group advises that regulation has changed of digital currencies, and of digital financial assets (DFAs), and that experimental legal regimes have been established in the area of digital innovations in the financial market.
03May2024
The requirements and the list of documents for funds to be received from type ‘C’ accounts of a foreign nominal holder and a foreign payment agent On 16 April 2024, Resolutions of the Bank of Russia's Board of Directors were published establishing the list of information and of documents for holders of Russian securities (Eurobonds) to receive funds from type ‘C’ accounts of a foreign nominal holder and a foreign payment agent.
09April2024
A dealer's and forex dealer's lines of business are expanding

On 23 March 2024, Federal Law No. 50-FZ was published, which provides for changes in the operations of dealers and forex dealers.

28March2024
Receiving funds from type “S” accounts of a foreign nominal holder and a foreign payment agent

19 March 2024, the Russian President's Decree No. 198 was published, which permits holders of Russian securities to receive funds from type "S" accounts of a foreign nominal holder and a foreign payment agent.

21March2024
A new means of payment in international settlements

On 11 March, Federal Law No. 45-FZ came into force whereby it is permitted to use digital rights as a means of payment in foreign trade.

12March2024
A new procedure for conducting audits of issuers and participants in corporate relationships

A new procedure that is established in Regulation No. 210-I, came into force on 11 March and governs how the Central Bank of Russia audits issuers and participants in corporate relationships.

28December2023
Measures to ensure economic sovereignty and economic security have been specified

New amendments to Federal Law No. 127-FZ “On measures impacting (counteracting) hostile actions of the United States of America and other foreign states” dated 4 June 2018 have come into force.

11October2023
Strengthening control over the activities of payment agents On 1 October 2023 amendments to Federal Law No. 103-FZ “On activities carried out by payment agents involving the receipt of payment from individuals” came into force.
02August2023
The digital rouble is being introduced in Russia On 1 August 2023, Federal Laws No. 339-FZ and No. 340-FZ came into force, which determine the legal grounds for the digital rouble to be used in settlements as a new form of Russian national currency.
28July2021
The Russian Central Bank has introduced a procedure for maintaining a register of controlling persons for credit institutions, insurance companies and public pension funds Pepeliaev Group advises that on 26 July 2021 the Russian Central Bank’s Instruction No. 5814-U dated 9 June 2021 came into legal force regarding the form, procedure and deadlines for submitting information to the Bank of Russia about controlling persons of financial institutions, and the procedure for the Bank of Russia to maintain the list of such persons.
30December2020
Broadening information exchange between the Bank of Russia and the Russian Federal Tax Service

The Russian Ministry of Finance has prepared amendments to the Tax Code the adoption of which may result in a significant increase of the volume of information transferred to the tax authorities concerning the transactions of bank clients.