The State Duma adopted a bill in the second reading that would allow foreign banks to open branches in Russia. It was reported Web site The central bank.
According to the bill, branches of foreign banks will be able to provide a wide range of services to legal entities. These include opening and maintaining bank accounts, transferring money, collecting, cash services, providing guarantees and sureties. In addition, branches will have the right to rent private buildings and safes, conduct rental transactions, and provide consulting and information services.
The document states that “the Central Bank of Russia will supervise the activities of branches of foreign banks.” The law is expected to enter into force on September 1, 2024.
Currently, foreign banks can operate in Russia only through subsidiaries and representative offices.
Johann Strobl, former chairman of Raiffeisen Bank stated In an interview with Bloomberg, he said the company accelerated the closure of its business in the Russian Federation due to the ECB’s requirements.
Previously at Raiffeisenbank to cut Transfers in US dollars.