Foreign investors can transfer funds abroad from "In" accounts - Central Bank of Russia

MOSCOW. Aug 14 (Interfax) - Foreign investors who, under a presidential decree, received the right to invest in the Russian financial market using new money, will be able to transfer funds abroad from "In" type accounts, the Central Bank of Russia said in a statement.

In addition, restrictions on the repatriation of funds in "In" accounts opened with Russian brokers and trustees have been lifted for these investors and foreign persons acting in their interests, the Central Bank said.

On July 1, President Vladimir Putin signed decree no. 436 on additional guarantees for foreign investors' rights, whose provisions apply to non-residents from both friendly and unfriendly countries. For new investments, they need to open a new type of account - an "In" account. Non-residents will have access to deposits in Russian banks, securities traded on organized markets in non-addressable mode as well as during primary offerings, and derivatives market instruments.

The CBR has established the framework for such accounts and the conditions for opening them in banks and with professional market participants. The regulator mandated that brokers and asset managers must maintain separate accounting of foreign investors' assets, while banks and settlement institutions must exchange information when conducting operations on "In" accounts.