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August 2018

The Bank of Russia’s position on foreign financial services restriction

Foreign companies offering their services on the Russian financial market on a cross-border basis are aware of the restrictions and prohibitions on non-Russian companies operating in Russia. Some restrictions are very broadly defined, which creates uncertainty as to how they apply to cross-border activities of foreign entities.

Our briefing concerns the recent information letter from the Bank of Russia addressed to Russian financial organisations working with foreign counterparts. In the letter the Bank of Russia sets out its position on the foreign financial services restriction and prohibition on non-Russian entities carrying out activities of non-credit financial organisations.

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