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in the acquiring bank (not necessarily Russian) and through it is converted from rubles and goes to the seller.
There is also a third option for working with Mir, which Kommersant recently outlined: transferring money to a store employee’s card and then from his account to the store. The scheme is “gray”, but it is already in effect and shows that the service is in demand.
The installation of its own POS terminals abroad is a rare, but working scheme, the head of the group for working with financial institutions at DRT, Maxim Nalyutin, confirmed to RBC. This is how the Chinese Alipay operates with its network in places of concentration of Chinese tourists.
The central bank, the government, and representatives of Russian banks are working with the foreign counterparts to create a system of international settlements, and a part of that is creation of conditions for Islamic financing and launching of bank branches from the friendly countries, the regulator said in a report late on November 30.
Capital flow restrictions create an extra burden for citizens and the business and should be minimized, the Bank of Russia said in its financial market development guidelines for 2023 and the period of 2024-2025. "The most stringent capital flow restrictions were lifted as domestic conditions normalized; they continue to be effective in part, taking into account high risks of changes in external geopolitical factors. At the same time, it is necessary to keep in mind that capital flow restrictions on the whole create extra costs for citizens and the business and should be minimized," the Central Bank said.
88 RUSSIA Country Report December 2022 www.intellinews.com