MOSCOW, February 17. /TASS/. The Russian Ministry of Finance has developed a bill providing for simplifying requirements to foreign banks that plan to open their branches in Russia and significantly expanding the list of operations authorized for a foreign bank’s branch, including transactions with individuals and operations in the securities market.

The relevant document was posted on the federal web portal of draft regulations.

"Approval of the draft will facilitate more active attraction of foreign banks from friendly countries to the Russian financial market for creation of conditions for international payments system development in the environment of sanction pressure, and for raising foreign investments to finance the economy," the explanatory note reads.

In particular, a branch of a foreign bank will have the right (when approaching with a relevant application) to open and keep bank accounts of individuals and legal entities in precious metals, make transfers on instructions of individuals and legal entities, including correspondent banks, on their bank accounts in precious metals, and transactions with precious metals in line with Russian laws.

The draft document also stipulates lifting restrictions on banking with individuals - all the transactions and deals authorized for branches of foreign banks to be made with legal entities will be available for them.