The State Duma Finance Committee has approved for adoption in the second reading amendments that allow banks with a basic license to temporarily, until December 31, 2023, to open bank (correspondent) accounts in foreign banks.

Until December 31, 2023, the norm of the law on banking activity, according to which a bank with a basic license may not open bank (correspondent) accounts in foreign banks, except when it comes to participation in a foreign payment system, is suspended. Also suspended is the norm that a bank with a universal license, which has obtained the status of a bank with a basic license or changed its status to that of a non-bank credit organization, or a bank with a basic license, which has changed its status to that of a non-bank credit organization, must terminate an account agreement with a foreign bank within one year from the date of acquisition of the said status.

If adopted, the law will enter into force from the date of its official publication. The bill is scheduled to be considered in the second reading at the plenary session of the State Duma on July 21.

In late May, the head of the Central Bank Elvira Nabiullina said that the regulator is ready to meet the needs of the banking community and allow credit institutions with a basic license to open correspondent accounts abroad. “Now they do not have such a right, although here we should not build illusions that it will be easy to do,” Nabiullina said during a traditional meeting of the Central Bank’s management with bankers organized by the Association of Banks of Russia.

The law dividing banks by the list of permissible operations into credit institutions with a universal license and banks with a basic license came into force in June 2017. Banks with a basic license, unlike universal players, are restricted in a number of operations (including currency transactions), while at the same time they are subject to simplified regulation. The main specialization of banks with a basic license should be work with individuals and small and medium-sized businesses.