Page 101 - RusRPTSept22

8.1.7 Banks specific issues
Russian banks with frozen funds in foreign currency in other countries have been allowed to suspend operations with businesses in those currencies until the restrictions are lifted, Russian President Vladimir Putin decreed in the first week of August.
The decree shifts the risks of freezing the currency from banks to companies and should stimulate the transition of businesses to the yuan and other currencies of “friendly” countries, according to experts interviewed by The Bell.
The decree allows banks that, due to sanctions, cannot claim their funds from foreign credit institutions, now have the right not to pay out individual entrepreneurs or companies’ funds on deposit in the currency in which operations have become impossible. The right applies only to obligations that arose after the publication of the decree, the document notes.
In addition, the decree gives companies the opportunity, in the event of sanctions, to open special ruble accounts of type “D” to fulfil obligations to non-residents on Eurobonds.
8.1.8 Bank news
Tinkoff acquired 33% stake in AnyQuery – search service for online
101 RUSSIA Country Report September 2022 www.intellinews.com