Russian Duma passes bill empowering Central Bank to approve procurement of software and IT by banks at second reading

MOSCOW. May 30 (Interfax) - Russia's State Duma has passed at second reading a bill that empowers the Central Bank to approve plans by banks and non-banking financial organizations to switch purchasing domestic software as well as electronic products and telecommunications equipment.

The bill, No. 164428-8, was introduced to the parliament in July last year. A group of deputies led by State Duma Financial Markets Committee head Anatoly Aksakov and Federation Council Deputy Speaker Nikolai Zhuravlyov drafted it.

The bill states that in order to ensure the continuity of banking and financial services, the Central Bank is empowered to approve plans by lending and non-bank financial organizations to switch to the predominant use of Russian software. The procurement of electronic products and telecommunications equipment was included in the bill for the second reading.

It was envisaged that the law would be enacted on the date of its official publication, but the deputies proposed to postpone this until 90 days after official publication to prepare market participants for the innovations.