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Official website of the President of Russia

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Requirements for foreign payment systems in the Russian Federation are established

August 2, 2019

The President has signed the Federal Law on Introducing Amendments to the Federal Law on National Payment Systems and the Federal Law on the Central Bank of the Russian Federation (Bank of Russia).

The Federal Law has established requirements for foreign payment systems in the Russian Federation and regulations for foreign payment systems, including the risk management system and requirements on information protection.

The law provides for the creation of a register of foreign payment systems in which an operator of a foreign payment system sends an application via a legal entity established under the legislation of the Russian Federation, which represents the operator of the foreign payment system.

The Federal Law provides the Bank of Russia with the authorisation to monitor compliance with said regulations by foreign payment system operators.

The Federal Law also sets the requirements for accepting electronic payments by foreign payment service operators.

August 2, 2019