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Putin waives ban on currency operations for some international development banks - decree

In addition to BRICS’ the New Development Bank, the decree lists the Asian Infrastructure Investment Bank, the International Bank for Economic Cooperation, the International Investment Bank and the Russian-Kyrgyz Development Fund

© Gavriil Grigorov/TASS

MOSCOW, October 15. /TASS/. Russian President Vladimir Putin has signed a decree on waiving special economic measures, which were imposed in March in response to the sanctions, for a number of foreign investment funds and development banks, according to the decree published on the official online registry of legislative information on Saturday.

Among them are the Asian Infrastructure Investment Bank, the International Bank for Economic Cooperation, the International Investment Bank, the Russian-Kyrgyz Development Fund, and BRICS’ New Development Bank (NDB).

In particular, they will not be subject to the procedure for transactions established under the March 1 presidential decree on special economic measures. Additionally, these banks and investment funds are exempt from the ban on foreign currency transactions that involves lending by Russian residents to foreign individuals and depositing foreign currency by Russian residents to the accounts opened outside Russia.

The Asian Infrastructure Investment Bank, the International Bank for Economic Cooperation, the International Investment Bank, the Russian-Kyrgyz Development Fund, and the New Development Bank are also not subject to the temporary procedure regarding obligations of Russia and Russian companies to foreign creditors. Moreover, some other restrictions, which are stipulated in the measures taken in response to unfriendly moves of the US and the countries and organizations joining them, are lifted on the mentioned development banks and investment funds.

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