Russian govt extends Central Bank's powers on concealing financial organizations' info into 2025 - source
MOSCOW. Nov 28 (Interfax) - The Russian government has proposed extending into 2025 the Central Bank of Russia's authority to determine the list of information that credit and non-credit financial institutions, as well as organizations providing professional services in the financial market, are allowed to withhold.
The CBR will also receive the right to conceal certain information about participants in the National Payment System (NPS).
Among the proposed amendments is removing the opportunity for individuals to purchase gold bars with foreign currency starting in 2025.
These amendments to the second reading of bill no.722148-8 were discussed during a government meeting on Thursday, a source told Interfax.
The document extends the CBR board of directors' right to establish the list of information financial institutions can withhold through 2025. This applies to both credit and non-credit financial institutions and professionals offering services in the financial market. From 2025, the provision allowing information to be withheld will also cover foreign banks operating in Russia and participants in the NPS. However, the restriction regarding the disclosure of accounting/financial reports will not apply to non-credit organizations participating in the NPS.
The NPS was established in 2011. It comprises organizations involved in money transfers and payment services in Russia. Its infrastructure includes the National Card Payment System, the Faster Payments System, the Bank of Russia Payment System, the National Settlement Depository payment system and the Financial Message Transfer System.
The restriction prohibiting Russian insurers from engaging in transactions with insurers, reinsurers, and insurance brokers from unfriendly countries, as well as those under their control, will also be extended into 2025. Exceptions will be made for transactions involving exports of food and mineral fertilizers.
The provision allowing individuals to purchase precious metals in bars using foreign currency in banks will not be extended beyond December 31, 2024.