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Official website of the President of Russia

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Amendments to law on national payment system

April 4, 2017

Vladimir Putin signed the Federal Law On Amendments to Federal Law On the National Payment System.

Amendments to the Law on the National Payment System stipulate that should a foreign state impose restrictions on the use of payment systems whose operators are registered with the Bank of Russia, the cross-border transfer of funds can be effected from the Russian Federation to such a foreign state only if payment system operators and operators of payment infrastructure services are under the direct or indirect control of Russian legal entities. The restrictions apply only to cross-border transfers conducted without opening a bank account.

The Bank of Russia will publish information on its official website regarding the introduction of such restrictions by a foreign state, based on information received from a federal executive body authorised by the Russian Government.

April 4, 2017