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Banks to be able to suspend operations in currency of countries that froze their assets

Banks will also be able to honor obligations towards clients by transferring to them rights of claim under deposits abroad with their consent

MOSCOW, August 8. /TASS/. Russian President Vladimir Putin signed a decree on the temporary procedure for performance of currency-denominated obligations under bank deposit agreements and obligations under bonds floated by foreign entities. The document was posted on the official web portal of legal information on Monday.

According to the decree, Russian banks, whose assets in foreign currency abroad are frozen, will be able not to honor temporarily obligations on business deposits in such currency and suspend certain operations with them. At the same time, the amount of obligations not performed temporarily should not be above the amount of frozen assets.

Banks will also be able to honor obligations towards clients by transferring to them rights of claim under deposits abroad with their consent.