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Law on countermeasures in response to the unfriendly actions of the United States of America and other foreign states

May 1, 2022

The President signed Federal Law On Measures (Countermeasures) in Response to the Unfriendly Actions of the United States of America and Other Foreign States.

The federal law is aimed at minimising the risks associated with providing information by lending institutions on their clients to the competent authorities of foreign states (including judicial authorities).

Therefore, the federal law establishes the procedure for lending institutions to accommodate the requests from competent authorities of foreign states.

In particular, lending institutions are prohibited from providing information on their clients and transactions, client representatives, beneficiaries and beneficial owners to the competent authorities of foreign states, unless they receive permission from the Bank of Russia to provide the requested information.

In addition, the federal law establishes the procedure for lending institutions to obtain information on the possibility of providing the information requested by the competent authorities of a foreign country, as well as the liability for a breach of the above procedure.

May 1, 2022