ANNOUNCED AS TEMPORARYNo
Import-related non-tariff measure, nes
On 17 May 2012, the Central Bank of the Russian Federation issued Decree No.2818-. It concerns the rights of subsidiaries of foreign banks operating in Russia when they wish to open local branch offices. Concretely, the decree has abolished the existing obligation to obtain permission from the Central Bank and replaced it by a notification requirement.
The new legal act entered into force on 2 June 2012.
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