The State Duma in the first reading banned the transfer of money to Ukraine
The State Duma of the Russian Federation today, in the first reading, adopted changes to the law on the national payment system, which introduce a ban on financial transfers using foreign payment systems from Russian territory to countries that have limited the operation of Russian transfer systems.
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“For example, in Ukraine a ban was introduced on the operation of Russian payment systems. As a result of this ban, only two foreign payment systems operating in Russia were able to continue their activities in Ukraine. Thus, part of our Russian payment infrastructure was excluded from global competition. The bill is aimed at correcting this situation,” said one of the authors of the document, Vladislav Reznik.
Persons who violated the ban were proposed to be fined, as prescribed by the Central Bank, for the full amount of the transfers made.
As Yuri Oleynikov, Deputy Chairman of the State Duma Committee on the Financial Market, noted for the second reading, “several controversial circumstances need to be clarified.”
“In particular, the provision of the bill banning cross-border money transfers without opening a bank account outside any payment system requires additional discussion,” Oleinikov said.
The bill was a response to the cancellation of the activities of a number of Russian payment systems, including Zolotaya Korona and Unistream in Ukraine at the end of October last year. On November 3, the NBU prohibited making transfers using Russian payment systems.
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