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Amendments to Federal Law On Banks and Banking Activities

October 1, 2013

Vladimir Putin signed the Law On Amendments to Article 18 of the Federal Law On Banks and Banking Activities.

The federal law is designed to make Russian legislation conform with the standards used by the Organisation for Economic Co-operation and Development (OECD), and to facilitate international agreements that are not based on the principle of reciprocity.

However, the federal law allows the Bank of Russia to retain the right to set limits for credit institutions making banking transactions with foreign investments. This is applicable if the relevant non-OECD member countries limit the activities of branches of Russian banks, and those of banks that hold Russian investments.

October 1, 2013