Electronic bankcards for foreign tourists could be operating in Russia by end of year - Economic Development Ministry

MOSCOW. Sept 27 (Interfax) - The Russian government's resolution on foreign tourists opening accounts remotely in Russian banks should be passed very soon, and it could enter into effect by the end of 2023, Economic Development Minister Maxim Reshetnikov said on Wednesday.

"We must resolve the matter of payments. Tourists from Arab countries love both Moscow and Russia. Our tourists go there in the autumn, and the citizens of these countries come here in the summer. We have amended the law on the possibility of opening accounts in Russian banks. The resolution should be passed in the near future. We hope to launch this initiative in the fourth quarter," Reshetnikov said at an industry conference in Moscow.

Reshetnikov also noted that there are plans to begin active operations abroad to promote Russia beginning in 2024.

The State Duma in June passed a law to allow foreign tourists to pay using Mir e-bankcards in Russia, thereby permitting Russian banks to open accounts for foreign tourists and legal entities without the latter's physical presence or the presence of representatives. Tourists could use the e-bankcards to book tours, as well as pay for services and purchase goods upon arrival in Russia.