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mutual funds that take into account the restrictions on the ownership of securities of foreign companies and are targeted at government officials, writes Kommersant. In November "VTB Capital Asset Management" began to form two new open-ended mutual funds, which take into account the restrictions under the law "On the State Civil Service of the Russian Federation", said the management company. According to this law, civil servants are prohibited from opening and having accounts and deposits in foreign banks located outside Russia, to own or use foreign financial instruments. VTB Capital Investments undertakes to comply with all the requirements of the law, says the head of the company Vladimir Potapov. A similar open-ended mutual fund - it is called "Local" - launches and "Sberbank Asset Management". He will invest in stocks and bonds of Russian companies, as well as in government bonds, says the CEO of the company Evgeny Zaitsev. Ingosstrakh-Investments management company also plans to create a product for civil servants, but in 2022, says Artem Mayorov, director of the company's asset management department.
Tatarstan is Russia’s pilot region for the implementation of Islamic banking projects and is ready to cooperate in these issues with Saudi Arabia. That’s according to Tatarstan’s President Rustam Minnikhanov who met with Emir Khalid bin Faisal Al Saud, Prince and Advisor to the King and Ruler of Makkah Province in Jeddah, the press service of the Tatarstan President reports.
92 RUSSIA Country Report December 2021 www.intellinews.com