19April2017
International bankless transactions may be prohibited in the Russian Federation

International bankless transactions may be prohibited in the Russian Federation

The State Duma passed bill in its first reading to ban international bankless transactions, according to news agencies report.

The document introduced by the United Russia party deputies imposes ban on international transfers conducted through payment systems. Fine amount will equal the amount of the conducted transfer. For that, related powers will be given to the Bank of Russia.

The bill is a response to Ukraine’s ban on the Russian payment systems operation on its territory, explains co-author of the document Vladislav Reznik.

As a reminder, in October last year, Ukraine has introduced sanctions against a number of Russian services, including those under the control of the Sberbank.

However, this statutory regulation to ban bankless money transfers can be canceled, in case the government insists.

We emphasize that for now it is referred to the first reading of the bill, and further the document will undergo revision.

Related news