Russian President Vladimir Putin has signed a law allowing foreign banks to open branches in Russia. According to Interfax, the published law states that a foreign bank is allowed to open only one branch in the Russian Federation, which must have a full name in Russian, and no more than half of the branch’s employees can be foreign citizens. Branches must comply with Russian laws on anti-sanctions policies. A foreign bank branch must create and operate an official website in the Russian national domain.
The foreign bank in question must also have a license to conduct banking activities in its home country for at least three years and have a credit rating at least at the level established by the Board of Directors of the Central Bank of Russia for operating in Russia. The Central Bank also has the right to appoint its representatives to branches of foreign banks. Representatives will be allowed to participate in meetings related to the branch’s management, receive documents and information from the branch about its banking activities, as well as request information about transactions and operations carried out by the branch.
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