Garant. Daily monitoring of the Federal legislation от 27 сентября 2024

Garant. Daily monitoring of the Federal legislation at 27.09.2024

• Decision of the Board of Directors of the Bank of Russia, dated September 25, 2024 - on the levels of credit ratings established in accordance with Instructions of the Bank of Russia No. 213-I of January 10, 2024. Currency risk: credit rating levels for counterparties of credit institutions for forward transactions are determined.
  
   

Dear colleagues,

this Newsletter to be sent once a week on Fridays in order to keep you informed of the most significant legal developments in the Russian legislation and to assist you in navigating within the ever-increasing information traffic.

You may apply to the GARANT Company for the current wording of any document contained in the newsletter. This is the most reliable option to obtain translations of the Russian legal acts that are being updated weekly.

Visit our website and enjoy some privileges:  

• ordering fix price documents in English;
• demo-version of GARANT system in English online;
• full-text commercial version «GARANT. Legislation of Russia in English».

News of the week 

The Bank of Russia has announced the planned deadlines for the full-scale introduction of the digital rouble.

By July 1, 2025, the Russian major banks must provide their clients with an opportunity to perform transactions with digital roubles: opening digital rouble accounts, depositing funds on them, making transfers, as well as accepting digital roubles in their infrastructure. From that point on, it is planned to launch the widespread use of the digital national currency.

Other banks with a universal licence to be given more time to finalise their systems – up to July 1, 2026, while other credit institutions – up to July 1, 2027.

In addition, it is planned to set deadlines for mandatory acceptance of payments in digital roubles for trade and service enterprises. Companies with an annual revenue of more than 30 million roubles shall provide this starting from July 1, 2025, with an annual revenue of more than 20 million roubles – from July 1, 2026, and others – from July 1, 2027.

However, after the widespread launch of digital roubles, both banks and trade and service enterprises will be able to implement their acceptance as their systems are ready, including earlier than the specified deadlines.

The relevant proposals to change the legislation have been already sent to the Ministry of Finance of the Russian Federation (according to the information statement of the regulator). Moreover, the Bank of Russia reminded that payment for purchases with digital roubles to be made using a universal QR code based on the National Payment Card System, which allows eliminate additional costs for banks and trade and service enterprises.

Documents' full texts are avaiable in the commercial version of the Garant database «Legislation of Russia in English».

More helpful information

In a new video, we would like to come across with some helpful information on the extraordinary features of the GARANT's Legislation of Russia in English, ensuring the most convenient document management. 

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