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.

The list includes a quite few countries: Armenia, Azerbaijan, Belarus, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Algeria, Bangladesh, Bahrain, Brazil, China, Cuba, Egypt, India, Indonesia, Iran, Qatar, Malaysia, Mongolia, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Serbia, South Africa, Thailand, Turkey, United Arab Emirates, Venezuela, Vietnam.

The Resolution aims to increase efficiency of the mechanism of direct conversion of national currencies of friendly and neutral countries and the formation of direct quotations to the ruble to meet the demand of the Russian economy for settlements in national currency – as it follows from the official website of the Government of the Russian Federation.

However, the Bank of Russia has the right to establish additional requirements for foreign credit organizations and brokers, as well as to establish restrictions with regard to contracts for the purchase and sale of foreign currency, which will be concluded at organized trading with the participation of these entities1.

The Resolution entered into force on 21 September 2023.

1 Paragraph 3 of Article 16 of the Federal Law No. 325-FZ “On Organized Trading” dated 21 November 2011