Order a report
Custom-made industry research, company ratings, competitor analysis
Amendments to the Federal Law «On the National Payment System»
According to the Federal Law as of 03.04.2017 №59-FZ «On amending Federal Law «On the National Payment System» Chapter 3 of the Federal Law as of 27.06.2011 №161-FZ «On the National Payment System» is supplemented by article 19.1 «Peculiarities of cross-border transfer of funds in case of prohibitions, imposed by a foreign state».
According to the article, in case of prohibitions, imposed by foreign states in relation to the Russian payment systems, the cross-border transfers of funds without opening of an account will be restricted.
Thus, the cross-border transfers from Russia can be made only in case of direct or indirect control from side of Russian legal entities represented by payment system operators or payment infrastructure service providers. Such control conditions are defined by International financial reporting standards, which are recognized on the territory of Russia. In other cases, the control is carried out through the right of Russian legal entities on direct or indirect disposal of more than 50% of total number of votes represented by voting shares or equity stakes of payment system operators or payment infrastructure service providers. Such right can also be obtained as a result of singing the contracts on trust administration of property, partnership, contract of delegation or for other reasons.
The Central Bank of the Russian Federation is planning to publish on its official web site data on prohibitions, imposed by foreign states in relation to payment systems, the operators of which are registered in the Central Bank. Prohibitions will be imposed from the date of posting of this information.
The Federal Law will come into force on 5 May 2017. However, the restrictions on cross-border transfers of funds will also be applied in cases of prohibitions in relation to Russian payment systems, introduced before the date of entry into force of this law.
It is possible to make an indirect conclusion on potential size of changes on the base of operations with foreign currency in cash on the territory of Russia (Table 1).
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 6 months 2016 | |
|---|---|---|---|---|---|---|---|---|
| Foreign currency in cash taken out by banks from the Russian Federation | 18 152 | 14 993 | 7 015 | 5 768 | 9 471 | 7 981 | 17 482 | 5 243 |
| Foreign currency in cash sold to individuals and given out as a result of conversion | 50 317 | 39 456 | 51 833 | 61 961 | 59 546 | 71 865 | 37 147 | 16 314 |
| Foreign currency in cash given out from the accounts of individuals | 35 239 | 30 679 | 33 674 | 38 048 | 39 267 | 59 601 | 39 901 | 20 483 |
| Foreign currency in cash given out to individuals as a result of transfers without opening of an account | 1 531 | 2 119 | 3 281 | 2 160 | 2 311 | 2 638 | 2 321 | 1 100 |
Rates of growth / drawdown from year to year of monthly average amounts of the above operations with foreign currency in cash are represented on Picture 1.
The subscribers of the Information and Analytical system Globas-i® may get acquainted with the activities of all bank and non-bank credit institutions and their branches with valid and revoked licenses.