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Official website of the President of Russia

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Legislative amendments regulating foreign banks’ operations in Russia

February 4, 2014

Vladimir Putin signed Federal Law On Amendments to Article 22 of the Federal Law On Banks and Banking Activity and Article 1 of the Federal Law On Foreign Investments in the Russian Federation

The Federal Law aims to improve regulation of procedures for launching and terminating the activities of representative offices of foreign banks and other foreign credit institutions in the Russian Federation.

The Federal Law empowers the Russian Central Bank to accredit foreign credit institutions’ representative offices and gives the Central Bank the right to process personal data of the heads and deputy heads of foreign credit institutions’ representative offices opened in Russia.

February 4, 2014