Starting from October 1, 2023, credit organizations in Russia must use only domestic services and financial infrastructure when transferring funds within the country, and information about such transfers must be transmitted through the financial messaging systems of the Bank of Russia or other Russian systems.
This requirement does not apply to cross-border money transfers or the transmission of information within the payment system for the consideration of customer statements on electronic payment operations.
Such a decision was made by the Board of Directors of the Bank of Russia on March 17, 2023. It aims to ensure the security and protection of Russia's financial system.
Nadmitov, Ivanov & Partners Law Firm advises on currency law matters.
Email: info@nplaw.ru
Tel.: +7 (495) 649-87-12