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Nabiullina, now 70 foreign organizations from 12 countries have joined the Financial Message Transfer System (SPFS), however, many partners are afraid of secondary sanctions due to connection to the Russian analogue of SWIFT, so the Central Bank of the Russian Federation does not disclose their list. "At the moment, 70 foreign organizations from 12 countries have joined it, this work is underway, but it depends on the partners," she said, speaking at the RSPP congress. Nabiullina stressed that the regulator is ready to connect everyone to the system - it has technical solutions, this can be done quickly enough, but it all depends on the desire of the partners.
Russian Prime Minister Mikhail Mishustin announced an extension of mortgage subsidies by Rb45.5bn for 3 main programs, reports Interfax. Rb16bn will be added to Family mortgage program, Rb4bn to Far Eastern program, while the rest – to Federal subsidy program, which was extended till the end of 2022 from previously set July 1st. The main subsidy program terms remain unchanged – 7% interest rate, Rb12mn maximum loan for Moscow/Moscow region as well as St Petersburg/Leningrad region and Rb6mn for other regions.
Russia may legalize Islamic banking, a method adopted in Muslim countries by credit organizations that cannot lend money at interest, Kommersant writes. To this end, several bills will be submitted to the State Duma introducing the concept of “partner financing organizations”, which will be able to raise funds from citizens and legal entities and invest them in projects that comply with Islamic law on a partnership basis. The authors of the project, including Anatoly Aksakov, head of the Duma's financial committee, explain its necessity "in the light of a new situation characterized by a break in ties with Western financial markets." The Central Bank generally supports the initiative.
The know your client (KYC) platform for banks, which the Central Bank has been creating for four years, has been launched on July 1, writes RBC. All credit institutions in the country are required to connect to it (and take into account recommendations).
It was named "Traffic Light" because it initially divided customers into three categories - "red", "yellow" and "green". The assessment should be given both by the bank according to its own criteria, and by the Central Bank on the basis of aggregated data (including from the Federal Tax Service and Rosfinmonitoring). The bill had a difficult fate. The Central Bank submitted it to the State Duma
101 RUSSIA Country Report October 2020 www.intellinews.com