The President Vladimir Putin has signed a law which allows banks with basic licenses to open correspondent accounts in foreign banks on a permanent basis. The law has been published on the official portal of legal information and will come into force on January 1, 2024.

The current legislation does not allow a bank with a basic license to open bank (correspondent) accounts in foreign banks, except for opening an account for participation in a foreign payment system. From July 25, 2022 this norm was suspended, the banks were allowed to open accounts, but until December 31, 2023. In June 2023, a draft law which introduces this possibility for banks on a permanent basis was submitted to the State Duma profile Committee.

For regional banks in Dagestan, Chechnya, Tatarstan and Bashkiria, the possibility to open accounts in foreign banks will help to realize the experiment with Islamic finances.