The Bank of Russia Clarifies New Rules for Foreign Depositors at Russian Banks

The Central Bank of the Russian Federation has issued official clarifications regarding the implementation of Presidential Decree No. 377, which introduced restrictions on the repayment of bank deposits held with Russian banks by certain categories of foreign persons.

The clarifications are especially pertinent for:

• Foreign individuals from “unfriendly” jurisdictions holding bank deposits with Russian banks without residence permits (ВНЖ) including those present in Russia as highly qualified specialists (ВКС) with valid work permits; and

• Russian representative offices and branches of foreign companies originating from “unfriendly” jurisdictions holding deposits with Russian banks.

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