On March 17, the Board of the Central Bank of Russia approved a policy that, starting October 1, 2023, banks must process domestic transfers using only domestic services and infrastructure within the national system. The central bank’s website confirms this directive as a measure aimed at reinforcing the resilience and sovereignty of Russia’s payments infrastructure.
The announcement notes that the rule does not apply to cross-border money transfers by credit institutions. It also exempts information transfers within the payment system that are used to consider customer applications for transactions conducted with electronic payment instruments. This nuance helps to preserve international liquidity flows and ongoing financial activity for residents and visitors who rely on cross-border services. [cite: central bank press release]
In related developments, a report from Vedomosti referenced a letter from Vladimir Chistyukhin, the first deputy chairman of the Central Bank, addressed to Alexander Yakubovsky, a deputy from United Russia. The document indicates that the bank has devised a legal mechanism to restrict certain defense industry securities from unfriendly countries from being traded on Russia’s stock exchange. This move aligns with broader financial policy aims that balance market access with national security considerations. [cite: Vedomosti letter]
Additionally, the Central Bank announced that Prominstrakh LLC no longer holds a license related to voluntary property insurance. This change marks a shift in the regulatory status of the company and may influence its market participation in the insurance sector. [cite: central bank statement]