The Bank of Russia is extending for the period from July 1 to December 31, 2022 the previously introduced relaxation on non-application of measures to banks subject to foreign sanctions in case of non-compliance with open currency position limits (OCP), the regulator said in a statement.

The decision was made to maintain financial stability of banks and their adaptation to compliance with regulatory requirements.

At the same time, banks should form and implement plans to get out of the easing.

At the same time, banks should not increase OVP relative to the positions as of July 1, 2022 in case of non-compliance with the limits as of that date.

The Bank of Russia will continue to monitor currency positions and, when deciding on supervisory actions, will assess the reasonableness of exceeding limits, as well as the effectiveness of banks’ measures to limit currency risk. Banks must switch to compliance with the ORP limits by January 1, 2023.