The Bank of Russia is set to extend certain measures into 2025 to mitigate the impact of potential sanctions on financial institutions. These actions, initially planned to end in 2024, are being reassessed as the institutions adjust to current operational environments.
The regulator has decided not to continue some support measures, specifically those related to non-governmental pension funds (NPFs) and management companies (MCs) of NPFs concerning the placement of bonds on behalf of owners of foreign bonds issued by foreign entities. This measure is deemed unnecessary due to the absence of unsubstituted bonds in NPFs’ pension reserve portfolios.
Several support and restrictive measures will be extended. The right for professional securities market participants (PSMPs), NPFs, MCs, and financial market infrastructures not to disclose certain information remains intact. This decision aims to counteract restrictions imposed by foreign nations and potential sanctions that might affect these financial entities or their partners.
Furthermore, temporary requirements for operations involving C-type trust bank accounts and C-type depository accounts will continue. This extension ensures compliance with Executive Order No. 95 issued by Russian authorities.
Temporary stipulations affecting MCs of closed-end unit investment funds formed from open-end, exchange-traded, or interval unit investment funds will also persist. These measures are intended to prevent violations of asset composition requirements outlined in Bank of Russia Ordinance No. 4129-U.
These extensions are supported by Federal Laws such as No. 46-FZ and No. 55-FZ from March 2022, which provide the Bank with special powers for such decisions.
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