Vedomosti: The Central Bank may lift the ban on opening branches of banks from “friendly” countries
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The Central Bank (CB) proposed to allow branches of foreign banks from “friendly” countries to open in Russia. This proposal is included in the list of financial market development initiatives. The prepared measures were presented by the Central Bank and the Ministry of Finance at a strategic session in the government. Vedomosti. The Central Bank and the ministry did not comment on this information.
In March 2013 Vladimir Putin signed the lawprohibiting the opening of branches of foreign banks in Russia. The law as a whole excluded branches from the definition of the banking system of the Russian Federation as a whole. The law was initiated by the government.
Yesterday, September 13, Prime Minister Mikhail Mishustin gave a number of instructions regarding the development of the Russian financial market. Among other things, he ordered submit proposals for using the remote identification mechanism to facilitate the access of foreign investors and issuers to the Russian financial market. The order must be completed by the Ministry of Digital Finance, the Ministry of Finance, the Federal Security Service, Rosfinmonitoring and the Federal Tax Service by December.
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