Prime Minister Mikhail Mishustin announced a practical step designed to simplify economic engagement between Russia and a set of partner nations. He explained that the government has issued an order to streamline procedures, enabling citizens and legal entities from a group of friendly countries to open accounts and deposit funds in Russian banks with greater ease. The move is part of a broader effort to remove unnecessary obstacles and foster smoother financial interactions for foreign participants in Russia’s market.
According to Mishustin, the order identifies a clearly defined list of 25 countries whose residents and companies will be able to conduct basic banking operations more efficiently upon entering Russia. He stressed that the reform is aimed at easing entry into the Russian financial system for foreign businesses and individual investors, which aligns with the government’s ongoing push to strengthen financial sovereignty as part of national development goals. The overarching aim is to create a more predictable, stable environment for international participants who wish to engage in Russia’s economy.
The Prime Minister noted that the new framework will be particularly beneficial for economic actors from Belarus, Brazil, India, Kazakhstan, China, Saudi Arabia, Turkey and other partner nations. Foreigners seeking to take advantage of the streamlined access will be required to present a package of standard documents to a credit institution located in their home country prior to traveling to Russia. This preparatory step is intended to ensure smoother onboarding once individuals and businesses arrive and begin operations in Russia.
Mishustin added that customers will be able to complete transactions using Russian banks at the time of arrival, signaling a practical readiness to support on-the-ground business activity immediately after arrival. He expressed optimism that these measures will strengthen collaboration among business communities across partnered states and help deepen bilateral economic ties through enhanced financial interoperability.
In parallel, officials from Russia’s central banking system have signaled a favorable climate for foreign financial institutions interested in expanding their presence within the country. The central bank leadership has described a strong appetite among international banks to establish branches in Russia, reflecting confidence in the evolving regulatory environment and the growing role of Russia as a regional financial hub. The dialogue between Moscow and international banking partners is part of a broader framework to modernize Russia’s banking landscape and expand access to financial services for foreign clients. [attribution: TASS]
Earlier plans from the Central Bank of Russia included exploring the possibility of digital currency infrastructure. There is mention of allowing foreign banks to open accounts that would support digital ruble operations in the near term, outlining a path toward digital financial services alongside traditional banking channels. This trajectory signals Russia’s broader ambition to integrate international banking activity with its digital payments strategy, potentially affecting cross-border settlements and foreign investment in the country.