Foreign banks to be allowed to set up branches in Russia from 1 September 2024
22 August 2024Dear Ladies and Gentlemen!
All foreign banks (including banks from “unfriendly” jurisdictions) will be allowed to set up branches in the Russian Federation. At present, they can only establish subsidiary banks or representative offices.
The relevant Federal Law No. 275-FZ was adopted on 8 August 2024. The amendments will come into force on 1 September 2024.
More details here.
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ALRUD Law Firm
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