Russian President Vladimir Putin signed a law that allows foreign banks to open branches in Russia but also provides for a number of restrictions on their activities. The document was published on the official portal of legal information.
The goal is to create conditions for the development of a system of international settlements and attracting foreign investment, the explanatory note says.
The work of branches of foreign banks will be aimed precisely at this. That is why they will not be able, like ordinary banks, to open deposits for individuals and companies, accounts in precious metals, engage in trust management of money and other property.
Foreign banks will have the right to work in the securities market through a branch created in Russia. Each bank will be allowed to establish only one branch. The law also provides for setting requirements for the qualifications and business reputation of the banks’ officials. https://tass.com/economy/1826845
