Assets from "C" accounts not to be included in bankruptcy assets if bank, professional participant goes bankrupt - decree

MOSCOW. Jan 31 (Interfax) - Funds from type "C" accounts are not to be included in the bankruptcy estate of a lending institution, and they are to be transferred to similar accounts in another bank, according to the Russian presidential decree.

The document was published on Friday on the official internet portal of legal information. Decree No. 48, dated January 31, 2025, amends presidential decree No. 95, which in March 2022 introduced a temporary procedure for settlements with foreign creditors through type "C" accounts.

The document indicates that if a lending institution declares bankruptcy, then the funds in the type "C" accounts opened in it are not to be included in the bankruptcy assets. The temporary administration of the bank will be obliged to open a similar account for the same person in another lending institution as determined by the Central Bank of Russia, and transfer the funds there.

If a professional participant in the securities market, which particularly includes depositories, brokers, and registrars, declares bankruptcy, then the property from these accounts is also transferred to type "C" accounts opened in other similar organizations.