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Bank of Russia considering bill on opening nationwide foreign bank branches

In September 2022, the Bank of Russia announced that foreign banks were interested in opening branches in Russia

MOSCOW, February 10. /TASS/. The Bank of Russia welcomes the idea of opening branches of foreign banks in Russia and is now discussing the relevant bill, head of the regulator Elvira Nabiullina told a press conference following a meeting of the Board of Directors.

"In general, we are positive about this idea. But first of all, [these are] branches that will carry out settlement operations for making payments without attracting deposits from the population. The relevant bill is now under consideration," she said.

In September 2022, the Bank of Russia announced that foreign banks were interested in opening branches in Russia. Nabiullina then noted that this issue requires working out the details of regulating branches in order to exclude regulatory arbitration.

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Central Bank of Russia

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