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Banks with base license to be eligible for correspondent accounts with foreign banks

The law will come into force from January 1, 2024

MOSCOW, December 5. /TASS/. The State Duma, the lower house of the Russian parliament, approved in the second and third readings a draft law granting a right to banks with the base license to open correspondent accounts with foreign banks on a standing basis.

The situation when the financial market at large and main systemic banks in particular were hit by sanctions made up-to-date the issue of the need to have the maximal number of credit institutions with an opportunity to open correspondent accounts with foreign banks, an explanatory note to the document says.

The law will come into force from January 1, 2024.

Since June 2017, credit institutions in Russia are broken down into two groups by the equity level, the scope of requirements to them and powers - banks with the base license and banks with the universal license. The minimal capital amount for a credit institution with the base license is set as 300 mln rubles ($3.26 mln).

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