1 Apr 2024 14:15

CBR changes rules for C accounts

MOSCOW. April 1 (Interfax) - The board of the Central Bank of Russia (CBR) has made changes to the rules for C-type accounts in order to minimize the risk of funds and securities being debited from them without grounds.

Transfers of funds between the C accounts of different persons will now be prohibited, as will the credit/debit of securities if this transaction is accompanied by the transfer of rights.

Transfers of funds belonging to the same person between different C accounts will still be allowed.

It will also no longer be possible to acquire corporate securities of Russian issuers that are publicly placed or are already circulating in organized trading with funds in C accounts, with the exception of cases where permission was granted for this prior to March 29, inclusive.

Russia introduced C accounts in the spring of 2022. Among other things, they hold blocked income on securities owned by "unfriendly" nonresidents.