The Central Bank has limited banks from South Ossetia to attract customer funds in the DNR and LNR
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Branches of banks in South Ossetia operating in the DPR, LPR, Zaporozhye and Kherson regions will not be able to increase the amount of their deposits above the amount in their accounts as of February 13, 2023. This follows from the document of the Central Bank (.pdf).
The mentioned categories of banks will not be able to attract funds from individuals and legal entities falling under the law on deposit insurance on deposits and bank accounts if their balances exceed the amount fixed on February 13.
It follows from the document that credit institutions are required to provide the Central Bank with information on the number of open accounts, balances and cash flows on them, reporting in accordance with the standards of South Ossetia.
On the territory of the annexed regions, in particular, the International Settlement Bank (IRB) registered in South Ossetia operates, which is engaged in “organization of cash and cash settlements.” Branches in the MRB in these regions do not have a license from the Bank of Russia. In the document, the regulator emphasized that branches of credit institutions without a license from the Central Bank are not members of the Russian deposit insurance system and must inform customers about this.
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