10 Jun 2022 12:27

CBR to study imposition of fees on FX accounts, to take oversight measures if needed

MOSCOW. June 10 (Interfax) - The Central Bank of Russia (CBR) is studying the imposition of fees on FX accounts and will take oversight measures in necessary: terms of service for existing customers should not be worsened, the regulator said in a statement.

"A number of banks have announced plans to impose fees for servicing of citizen's FX accounts. The CBR, understanding the concern of lenders with regard to FX operations, still believes than banks must not worsen terms of service for existing clients," the CBR said.

The Central Bank will examine whether the introduction of fees on current accounts of citizens or an increase in fees complies with the conditions of the concluded contracts, and whether the contracts themselves comply with the requirements of the law, and will take oversight measures if there were violations. The regulator will send a corresponding information letter to banks.

"A unilateral change in the terms of a bank deposit agreement aimed at reducing its term, reducing the amount of interest, increasing or introducing fees is a violation of the law on banks and banking activities. Thus, banks cannot establish fees on FX deposits that have already been opened," the regulator said.

The CBR warned that after the imposition of sanctions against the Russian financial sector, FX transactions could carry risks for both banks and citizens. Therefore, banks will continue to reduce the volume of their FX transactions.

The Central Bank also noted that banks could refuse to offer customers FX products.