The Bank of Russia has established a procedure for licensing foreign bank branches operating within the country. The regulator's ordinance outlines the process for issuing a banking license, specifies its form, and sets the rules for accrediting a foreign bank branch in the Russian Federation. It also includes the list of information required to be included in the register.
This regulation will take effect on January 7, 2025. The law governing the admission of foreign bank branches to the Russian market was enacted earlier, on September 1, 2024.