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Tags: russia sanctions | overseas banking laws | central bank

Russia to Ban 'Banking Secrets' Overseas

KGB

Coat of arms of the state security Committee of the USSR (KGB) (Dreamstime)

Wednesday, 20 April 2022 09:36 AM EDT

Russia's lower house of parliament has approved a draft bill that would ban Russian banks from sharing "banking secrets" with foreigners, the State Duma said in a statement Wednesday, in the latest move to protect the country's financial sector.

Authorities have already allowed Russian companies and banks to withhold data and information on securities issued and lists of contractors, so as to shield themselves from possible sanctions.

And Russia's central bank has said it will not publish banks' financial statements on its website until October.

The Duma's statement said Russian credit institutions will now be forbidden from providing relevant authorities of foreign states with information about customers and their transactions as well as about beneficiaries and beneficial owners.

"The law will minimize the risks associated with the adoption by unfriendly states of changes to national legislative acts aimed at obtaining from foreign banks, under the threat of penalties, confidential information constituting a banking secret," the Duma said, adding that there could be exceptions.

The statement said lawmakers had approved the bill in a third and final reading. To enter into force, it still needs to be approved by the upper house of parliament and signed by President Vladimir Putin, steps which are seen as a formality.

The central bank has said it would no longer publish the names of banks connected to Moscow's alternative to the SWIFT payments network and has temporarily stopped publishing data on foreign trade on a monthly basis, as Russia responds to crippling sanctions over the Ukraine crisis.

The economic sanctions imposed by the United States and the Europeam Union against Russia for its invasion of Ukraine were executed within days – and, critically, include Russia’s central bank and two of its largest state banks.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Russia's lower house of parliament has approved a draft bill that would ban Russian banks from sharing "banking secrets" with foreigners, the State Duma said in a statement Wednesday, in the latest move to protect the country's financial sector.
russia sanctions, overseas banking laws, central bank
291
2022-36-20
Wednesday, 20 April 2022 09:36 AM
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