ANNOUNCEMENT 17 Dec 2015In December 2015, the government of the Russian Federation announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
14 2015 . N 372- " 16 18 " "
2 1990 . N 395-1 " "
Prohibits the Central Bank to impose restrictions on foreign bank's operations from OECD countries
List of OECD Member countries - Ratification of the Convention on the OECD
On 17 December 2015 in Rossiyskaya Gazeta, an official newpaper of the Russian Government, was officially published Federal Law No. 372-FZ of 14 December 2015 ("the Law"). It amends Federal Law No. 395-FZ of 2 December 1990 'On banks and bank activities'. Concretely, it introduces new restrictions (art. 18 of the Law) for participation of non-resident (foreign) investors in the charter capital of Russian banks.
The amount of participation of foreign capital in the aggregate charter capital of credit organisations holding a banking license for business operations in Russia shall be annually calculated by the Central Bank of Russia as the ratio of:
The maximum value of this ratio, referred to in the Law as "quota", is 50%. The purpose of this ratio is to ensure the monitoring of bank's capital increases. If the maximum value of the ratio is surpassed, the Central Bank of Russia rejects the the capital increase. However, from this restriction are excluded countries with whom the Russian Federation has signed relevant international agreements (for example, the OECD countries).