Around twenty Russian banks have reached a notable milestone six months after the relaxation of rules governing basic-license banks opening correspondent accounts abroad. This update was shared by State Secretary and Deputy Chairman of the Bank of Russia, Alexei Guznov, and reported by TASS. The figure indicates a significant uptick in international banking activity among lenders holding basic licenses.
Guznov emphasized that far more than the previously expected three banks have established foreign correspondents, with the count hovering near twenty. He noted that the Central Bank briefly lifted the restriction on establishing foreign correspondent accounts for banks with basic licenses a half-year ago, but stressed that this adjustment does not resolve the broader issue of international settlements input. Instead, it provides an additional channel for operations that may help banks manage cross-border payments more flexibly.
Industry observers have pointed to a nuanced picture. Anatoly Aksakov, a former chairman of the State Duma Financial Market Committee, stated that only a small number of banks with basic licenses could open foreign accounts for international settlements. The specifics about which institutions won approval were not disclosed, contributing to ongoing debate about selective access and risk controls in cross-border banking relations.
Reports from RIA Novosti add another layer to the story. One bank is reported to have built a correspondent relationship with banks in Armenia, Uzbekistan, and Turkey, while another reportedly maintains a correspondent account in Azerbaijan. A third institution reportedly opened a correspondent account in Kazakhstan, illustrating a diverse geographic footprint among Russian banks pursuing international settlement capabilities.
Analysts caution that while the expansion of foreign correspondent accounts marks a positive development for liquidity management and settlement efficiency, it does not imply a wholesale restoration of all pre-existing international banking ties. Banks are weighing regulatory requirements, sanctions considerations, and the evolving landscape for cross-border finance as they chart longer-term strategies for serving clients with overseas needs. The overarching takeaway is that the market is gradually expanding the toolkit available to basic-license banks, enabling more direct engagement with international counterparties while maintaining prudent risk oversight.
In summary, the six-month policy tweak has led to practical moves by roughly twenty banks to establish or renew foreign links, signaling a cautious but tangible shift in how basic-license institutions can participate in international settlements. The long-term impact will depend on continued regulatory guidance, the capacity of banks to manage cross-border compliance, and the willingness of foreign partners to accept new correspondent relationships in a changing geopolitical and financial environment. The industry will likely monitor any additional clarifications from the central bank and further actions by market participants to gauge how these developments translate into real-world settlement efficiency and service continuity for clients abroad.