The Central Bank of the Russian Federation May be Authorized to Restrict the Granting of Risky Mortgage Loans
On 24 January 2024, the State Duma Committee for the Financial Market proposed to adopt for consideration Draft law № 531412-8 “On Amending Article 45-6 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)"” (hereinafter - the “Draft law”).
The authors of the Draft law were a group of senators and deputies led by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market.
The Draft law proposes to authorize the Bank of Russia to limit the share of loans secured by a pledge of buildings, structures, land plots, construction in progress, residential and non-residential premises and parts of buildings or structures (parking spaces) intended to accommodate vehicles.
Foreign Brokers and Credit Entities are Allowed to Trade on the Russian Market
By Resolution No 2530-r dated 20 September 2023 the Government of the Russian Federation established a list of friendly and neutral countries, credit institutions and brokers from which will be admitted to trading on the Russian foreign exchange market, as well as on the derivatives market.
Prolongation of Counter-Measures in Insurance Activity
At the end of 2022 the new Law was adopted, which extended numerous counter-sanctions measures. Among other things it extends the ban on Russian insurers to conclude transactions with number persons until 31 December 2023.
Change in Terms and Conditions of Eurobonds and Bank Account (Deposit) Agreements
Under a new Decree No. 529 "On the temporary procedure for the performance of obligations under bank account (deposit) agreements denominated in foreign currency and obligations under bonds issued by foreign entities" several amendments were made to the way credit institutions and entities could fulfil their obligations.
Changes in Currency Regulation: Mitigation of Liability for Offenses
On July 13, 2022, the President of Russia has signed the Federal Law No. 235-FZ “On Amendments to Article 15.25 of the Code of Administrative Offences of the Russian Federation”, which introduced significant changes in the application of administrative liability measures for violation of currency legislation.
Repatriation of Foreign Currency and the Currency of the Russian Federation: New Requirements
On July 5, 2022, the President of the Russian Federation issued Decree No. 430 “On the Repatriation of Foreign Currency and the Currency of the Russian Federation by Residents Participating in Foreign Economic Activity”.
New Legal Requirements: Government Amendments
On March 04, 2022, the Council of Federation has approved and sent to the President the Federal Law “On Amending Certain Legislative Regulations of the Russian Federation” (the “Law”). This Law provides for a number of changes in the regulation of procurement and circulation of medical products (“MP”) and medical devices (“MD”), corporate and financial relations, and even social matters.
Sanctions Monitoring. Banking Sector
As of 3 March 2022, a number of economic restrictions were imposed on the banking sector.