The Russian central bank has made a notable change in policy for banks located in countries deemed unfriendly. These institutions are now able to move funds abroad in rubles from correspondent accounts that were opened with Russian credit institutions. This adjustment, announced by the central bank, is intended to create a clear path for ruble transfers to foreign partners, aligning regulatory options with evolving geopolitical and financial realities. The move signals a shift toward enabling cross-border ruble liquidity for banks operating outside Russia while maintaining the framework of supervision and compliance that governs such transactions.
In practical terms, this policy means that banks in unfriendly jurisdictions can initiate cross-border transfers using rubles from their established Russian correspondent accounts. The central bank’s decision is framed as a mechanism to ensure that rubles can be moved abroad when there is a business or settlement need, even in situations where direct foreign currency convertibility might be restricted. The underlying aim is to preserve payment flows and support international trade and settlement relations involving ruble-denominated transactions among sanctioned or otherwise restricted counterparts.
Earlier reports indicated that the Bank of Russia had approved a commission for banks participating in the Fast Payment System (FPS). The fee, set at six rubles, applies to cross-border transfers conducted between individuals. This pricing reflects an effort to standardize the costs associated with rapid, person-to-person transfers that cross borders and involve FPS-enabled channels. The commission structure for a cross-border transfer was outlined as a two-part scheme: three rubles charged to the sending bank and three rubles to the receiving bank, creating a total of six rubles per transaction when the tariff is applied to the sending bank. Since December 19, the introduction of a single tariff of six rubles for sending banks has aimed to streamline pricing and improve predictability for financial institutions and their clients. This policy stance underscores a broader push to harmonize fees in cross-border ruble transactions within the FPS framework and to facilitate timely settlements across borders while preserving financial discipline and oversight.