Talks being held on foreign banks opening branches in Russia, but too soon to go into detail, CBR chief says

MOSCOW. April 3 (Interfax) - Negotiations are being held with foreign banks on opening branches in Russia, but it is premature to disclose the details of these talks, Central Bank of Russia (CBR) Governor Elvira Nabiullina said in the state Duma.

"When [the branches] open, this will be evident. Some negotiations, engagement is underway. It would probably be premature to disclose information now," Nabiullina said.

A law that allows foreign banks to open branches in Russia went into effect on September 1, 2024.

In order to operate in Russia, a foreign bank must have a permit for banking activities in its own country for at least three years and a credit rating no lower than the level set by the CBR's board of directors. Branches must comply with Russian laws concerning anti-sanctions policy. A branch must also have a full name in the Russian language and no more than half of its employees can be foreign citizens.