“Current Trends in the Russian Financial System”
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Country Profile, Russia
Update November 2008 COUNTRY PROFILE, RUSSIA Introduction and Country Background 2 Banking Environment 4 Financial Authorities 7 Legal & Regulatory Issues 8 Market Dominant Banks 11 Clearing Systems 14 Payments & Collections Methods & Instruments 17 Electronic Banking 20 Cash Pooling Solutions 21 Tax Issues 22 Source and Contacts 27 Page 1 of 27 Country profile, Russia Introduction and Country Background Russia has the larg- Key Facts est population in Europe Moscow (Moskva)⎯ St Petersburg, Novosibirsk, Yekater- Capital - Major Cities inburg, Nizhniy Novgorod, Omsk, Samara, Kazan, Chely- abinsk, Rostov-on-Don, Ufa, Volgograd, Perm Area 17,075,200 km2 Population 141.9m (2008 estimate) Languages Russian, many minority languages Currency RUB (Russian Rouble) Telephone Code +7 National / Religious / 2009: 1-5 Jan, 6, 7, 8, 9 Jan; 23 Feb; 8,9 Mar; 1,9,11 Bank Holidays May; 12 Jun; 4 Nov. Extra bank day 11 Jan (Sun) Bank Hours 09:0018:00 (MonFri) Business Hours 10:00 (Mon-Sat) RTS Stock Exchange, Moscow Interbank Currency Ex- Stock Exchange change (MICEX) Moscow Stock Exchange (MSE) Leading Share Index RTS Index, S&P/RUX Composite Index, MICEX Index Strong economic Economic Performance growth, helped along by high oil prices, has 2004 2005 2006 2007 been the norm in re- Exchange Rate RUB/EUR1 35.7639 35.1897 34.1886 35.0297 cent years Exchange Rate RUB/USD1 28.8042 28.2960 27.2578 25.5515 Money Market Rate (%)1 3.3 2.7 3.4 6.03 Consumer Inflation (%)2 10.9 12.6 9.7 12.0 Unemployment Rate (%)3 8.5 8.3 7.6 5.9 GDP (RUB billions) 16,966 21,598 -
Digital Financial Services (Dfs) Working Group
DIGITAL FINANCIAL SERVICES (DFS) WORKING GROUP Bringing policymakers together to discuss regulatory issues related to digital financial services (DFS), and promote DFS as a major driver of financial inclusion in emerging and developing countries. The DFS Working Group develops policy guidelines, conducts peer reviews, and actively engages the DFS and FinTech industry and global Standard-Setting Bodies (SSBs). WWW.AFI-GLOBAL.ORG #DFS #AFIWG AT A GLANCE KEY OBJECTIVES > Create an enabling policy and regulatory environment for transformational DFS at national levels; > Develop a shared understanding of the risk profiles of emerging digital financial services business models, which is essential in designing appropriate regulatory frameworks; > Stimulate discussion and learning on new approaches and good practices in DFS regulation by encouraging policymakers to exchange experiences; > Provide a platform for capturing, tracking and sharing information on innovative DFS, products, business models and appropriate new policy responses; > Establish linkages and provide inputs, where appropriate, to global Standard-Setting bodies (SSBs) and other stakeholders seeking to establish proportionate supervisory practices for DFS. PLANNED ACTIVITIES > DFS and Consumer Protection Policy Model Subgroup (jointly with CEMCWG): Policy model on DFS and Consumer protection. > Data Protection & Privacy Subgroup: White paper - Data Protection & Privacy in the Age of Data Driven Financial Services. > QR Code Standardization Subgroup: Guideline Note on QR code standardization including case studies to understand different models and issues related to QR codes payments and standardization. > Digital Financial Literacy and Capability subgroup (jointly with CEMCWG): Guideline Note on Digital Financial Literacy and Capability. > Regulatory Sandboxes Subgroup: Toolkit on Regulatory Sandboxes. > Regtech Technical Taskforce (DFSWG Focal Points): Special Report: Regtech for Financial Inclusion. -
Financial Infrastructure
CONFIDENTIAL FOR RESTRICTED USE ONLY (NOT FOR USE BY THIRD PARTIES) Public Disclosure Authorized FINANCIAL SECTOR ASSESSMENT PROGRAM Public Disclosure Authorized RUSSIAN FEDERATION FINANCIAL INFRASTRUCTURE TECHNICAL NOTE JULY 2016 Public Disclosure Authorized This Technical Note was prepared in the context of a joint World Bank-IMF Financial Sector Assessment Program mission in the Russian Federation during April, 2016, led by Aurora Ferrari, World Bank and Karl Habermeier, IMF, and overseen by Finance & Markets Global Practice, World Bank and the Monetary and Capital Markets Department, IMF. The note contains technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found at www.worldbank.org/fsap. THE WORLD BANK GROUP FINANCE & MARKETS GLOBAL PRACTICE Public Disclosure Authorized i TABLE OF CONTENT Page I. Executive Summary ........................................................................................................ 1 II. Introduction ................................................................................................................... 15 III. Payment and Settlement Systems ............................................................................. 16 A. Legal and regulatory framework .......................................................................... 16 B. Payment system landscape .................................................................................... 18 C. Systemically important payment systems -
List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution. -
The Monetary Legacy of the Soviet Union / Patrick Conway
ESSAYS IN INTERNATIONAL FINANCE ESSAYS IN INTERNATIONAL FINANCE are published by the International Finance Section of the Department of Economics of Princeton University. The Section sponsors this series of publications, but the opinions expressed are those of the authors. The Section welcomes the submission of manuscripts for publication in this and its other series. Please see the Notice to Contributors at the back of this Essay. The author of this Essay, Patrick Conway, is Professor of Economics at the University of North Carolina at Chapel Hill. He has written extensively on the subject of structural adjustment in developing and transitional economies, beginning with Economic Shocks and Structural Adjustment: Turkey after 1973 (1987) and continuing, most recently, with “An Atheoretic Evaluation of Success in Structural Adjustment” (1994a). Professor Conway has considerable experience with the economies of the former Soviet Union and has made research visits to each of the republics discussed in this Essay. PETER B. KENEN, Director International Finance Section INTERNATIONAL FINANCE SECTION EDITORIAL STAFF Peter B. Kenen, Director Margaret B. Riccardi, Editor Lillian Spais, Editorial Aide Lalitha H. Chandra, Subscriptions and Orders Library of Congress Cataloging-in-Publication Data Conway, Patrick J. Currency proliferation: the monetary legacy of the Soviet Union / Patrick Conway. p. cm. — (Essays in international finance, ISSN 0071-142X ; no. 197) Includes bibliographical references. ISBN 0-88165-104-4 (pbk.) : $8.00 1. Currency question—Former Soviet republics. 2. Monetary policy—Former Soviet republics. 3. Finance—Former Soviet republics. I. Title. II. Series. HG136.P7 no. 197 [HG1075] 332′.042 s—dc20 [332.4′947] 95-18713 CIP Copyright © 1995 by International Finance Section, Department of Economics, Princeton University. -
№15. November 2016.Pdf
FINANCIAL NO. 15 November 2 0 1 6 SECURITY CONTENTS 5 Congratulation of President of Russian Federation V. Putin to Federal Financial Monitoring Service Staff Cover Story 6 Yu. Chikhanchin. Task We Face Now Is No Less Complicated Than 15 Years Ago 9 V. Zubkov. Financial Intelligence Unit Has All Necessary Means to Curtail High Risk Zones in Russia 18 O. Markov. Our Performance Was Best Reflected in International Organizations Assessments' Results Greeting Addresses 24 N. Patrushev 25 V. Kolokoltsev 26 S. Shoigu 27 M. Mishustin 28 A. Khloponin 29 A. Buksman 30 S. Sobyanin 31 Yu. Isaev 32 A. Karelin 33 O. Budargin 34 S. Chemezov National AML/CFT System 35 A. Kudrin. FIU Has More Powers in Russia Than in Other Countries 41 G. Tosunyan. Cooperation Between Private Sector and FIU Has Always Been Constructive 46 I. Sirotkin. Rosfinmonitoring Role in National Counter-Terrorism System Russia in International AML/CFT System 48 Rosfinmonitoring International Сooperation 50 T. Greenberg. All About Russian AML/CFT Regime Was Pretty Sad 53 J. Ringguth. Over 16 Years Russia Created Strong, Centralized, Well-Resourced, National FIU 56 D. Thelesklaf. Creation of FIU Played Very Important Role 58 V. Nechaev. Long Way Milestones Areas of Work 61 Yu. Korotky. Analytics: How It All Started... 64 P. Livadny. Anti-Money Laundering Legislation as Legal Reflection of National AML/CFT System 68 G. Bobrysheva. Key Period of My Professional Career Was at Federal Financial Monitoring Service 71 V. Glotov. People – Agency’s Main Strategic Asset 74 A. Klimenchenok. It Was Hard Way But We Passed It Fast 77 O. -
Priorities for the Central Bank of Russia
Reinvigorating Growth Potential: Priorities for the Central Bank of Russia Professor and Head of International Organizations Research Institute, Higher School Marina Larionova of Economics, National Research University Researcher, Global Governance Research Center, International Organizations Andrey Shelepov Research Institute, Higher School of Economics, National Research University he pace of global recovery remains weak. More advocate different approaches. Some experts and than twelve months since the G-20 summit in certain authorities propose that the CBR should TLos Cabos, G-20 members are laboring their explicitly prioritize support for economic growth way towards “Strong, Sustainable and Balanced in its policy, stimulating the real sector of the econ- Growth” in a clouded world economic outlook, omy using all the instruments and resources it has. with the eurozone in a state of recession, a combi- These include lowering interest rates, depreciating nation of policy stalemate and across the board fis- the ruble, expanding refinancing instruments, and cal consolidation constraining growth in the U.S., slowing down financial supervision reform by de- and emerging markets and developing countries laying the adoption of Basel 2.5 and Basel III capital experiencing a clear slowdown compared to their frameworks. According to the competing second rapid pre-crisis expansion.1 A durable recovery that school of thought, the CBR should focus on infla- creates good jobs, which G-20 leaders agreed to co- tion targeting, consolidate its liquidity instruments, operate for in September 2009, proves to be an elu- raise flexibility of the ruble exchange rate with lim- sive objective. Fiscal consolidation acts as a drag on ited interventions to soften short-term fluctua- economic recovery and the G-20’s capacity to de- tions, strengthen the supervisory framework and liver on the growth and jobs agenda is questioned build a reliable, stress-resistant financial markets by its citizens. -
Russia's Strategic Mobility
Russia’s Strategic Mobility: Supporting ’Hard Pow Supporting ’Hard Mobility: Strategic Russia’s Russia’s Strategic Mobility Supporting ’Hard Power’ to 2020? The following report examines the military reform in Russia. The focus is on Russia’s military-strategic mobility and assess- ing how far progress has been made toward genuinely enhanc- ing the speed with which military units can be deployed in a N.McDermott Roger er’ to2020? theatre of operations and the capability to sustain them. In turn this necessitates examination of Russia’s threat environ- ment, the preliminary outcome of the early reform efforts, and consideration of why the Russian political-military leadership is attaching importance to the issue of strategic mobility. Russia’s Strategic Mobility Supporting ’Hard Power’ to 2020? Roger N. McDermott FOI-R--3587--SE ISSN1650-1942 www.foi.se April 2013 Roger N. McDermott Russia’s Strategic Mobility Supporting ‘Hard Power’ to 2020? Title Russia’s Strategic Mobility: Supporting ‘Hard Power’ to 2020? Titel Rysk strategisk mobilitet: Stöd för maktut- övning till 2020? Report no FOI-R--3587--SE Month April Year 2013 Antal sidor/Pages 101 p ISSN 1650-1942 Kund/Customer Försvarsdepartementet/ Ministry of Defence Projektnr/Project no A11301 Godkänd av/Approved by Maria Lignell Jakobsson Ansvarig avdelning/Departement Försvarsanalys/Defence Analysis This work is protected under the Act on Copyright in Literary and Artistic Works (SFS 1960:729). Any form of reproduction, translation or modification without permission is prohibited. Cover photo: Denis Sinyakov, by permission. www.denissinyakov.com FOI-R--3587--SE Summary Since 2008, Russia’s conventional Armed Forces have been subject to a contro- versial reform and modernization process designed to move these structures be- yond the Soviet-legacy forces towards a modernized military. -
RUB Russia Rouble Payments
Rouble Payments Payment Instructions – July 2021 Nordea customers can effect payments in roubles required to provide more extensive information than in (RUB). Rouble payments, however, need specific ordinary payment orders. codification. Russian banks are under obligation to monitor that As in all payments, the beneficiary’s name and payments are made in accordance with the instructions address, including the city, should be given. In and exchange regulations issued by the Central Bank addition, payments in RUB require INN, BIK and VO of Russia. codes: The following rouble payments are possible: • The INN code (tax payer identification code) is for residents of Russia and is required for • Services and foreign trade transactions companies (consists of 10 digits) and for • Expenses of representative offices in Russia individual entrepreneurs (consists of 12 digits). • Taxes and similar charges First provide the INN in the field beneficiary • Share capital; loan capital and interests name. Then provide both the beneficiary's • Other payments mentioned in the VO payment name and address in the field beneficiary code list address. • For RUB payments from Denmark and It generally takes two banking days for a rouble Norway provide the BIK (9 digits starting with payment to arrive at Nordea if sent from Moscow / St 04) in format //RU04nnnnnnn/ followed by the Petersburg, but usually a few days more if sent from clearing account number with the Central other locations. Bank of Russia (20 digits starting with 3) in the field beneficiary bank name. Types of rouble accounts Example: Non-residents may open an unlimited number of //RU04nnnnnnn/3nnnnnnnnnnnnnnnnnnn. accounts in one or several authorized banks in Russia. -
Programme Saint-Petersburg | | Forum`S Sessions Schedule | June, 20, Thursday
WHITE NIGHTS St. Petersburg International Oncology Forum JUNE, 20-23, 2019 WWW.FORUM-ONCO.RU PROGRAMME JUNE, 20, THURSDAY JUNE, 20, | зал места 08.00 08.30 09.00 09.30 10.00 10.30 11.00 11.30 12.00 12.30 13.00 13.30 14.00 14.30 15.00 15.30 16.00 16.30 17.00 17.30 18.00 18.30 19.00 19.30 20.00 Lung cancer: multidisciplinary approach Sponsored Lung cancer: multidisciplinary approach Sponsored symposium Blue 1 180 symposium The Fifth M.L.Gershanovich Conference «Treatment The Fifth M.L.Gershanovich Conference Blue 2 SESSIONS SCHEDULE | FORUM`S 250 «Treatment individualization: from science Sponsored symposium individualization: from science to practice» with interactive to practice» with interactive voting: Key issues voting: Key issues Blue 3 180 New strategies in gynecology: live surgery 3D, presentations, Discussion Blue 4 330 Current capabilities of breast cancer reconstructive surgery Break Current capabilities of breast cancer reconstructive surgery Blue 5 250 Workshop session «Live surgery»: pancreas cancer Green 5 50 Biology of informal financial relations in oncology Break SPOT: lifehacks for young oncologists WWW.FORUM-ONCO.RU | Green Multidisciplinary approach in oncogynecological diseases Multidisciplinary approach in oncogynecological diseases 100 Break 6+7 radiology radiology Cancer service development perspectives Sponsored symposium Analysis of the KSG Cutaneous melanoma: new approaches to treatment within the framework of Green 8 120 system. Subtotals the «Healthcare» national project Green 9 170 Workshop session “Live surgery»: -
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Advances in Economics, Business and Management Research, volume 128 International Scientific Conference "Far East Con" (ISCFEC 2020) Information Security Ensuring in the Financial Sector as Part of the Implementation of the National Program “Data Economy Russia 2024” K Horian1, E Gorian2 1HorianSis Studio, Vladivostok, 690014, Russian Federation 2Vladivostok State University of Economics and Service, 41, Gogol str., Vladivostok, 690014, Russian Federation E-mail: [email protected] Abstract. The object of the research is the relations arising from the implementation of the National Program “Data Economy Russia 2024” in the aspect of ensuring information security in the financial sector of Russia. The role of the state financial regulator in the implementation of this program is determined, taking into account the peculiarities of its legal status. The key documents that form the regulatory and legal mechanisms for ensuring the information security of the financial and banking sector of Russia are examined. The content of the activity of the center of competence of the federal project “Information Security” is determined and the need to determine the Bank of Russia as the center of competence is justified. Despite the serious constitutional and legal status and experience of practical management of processes to ensure the security of financial institutions, the potential of the financial regulator is not fully used in the National Program “Data Economy Russia 2024”, although the tasks assigned to the center of competence in information security are of a public nature and accordingly must be performed by the relevant subject. As the confirmation and logical continuation of the main role declared by the legislation in ensuring the stability of the financial system the Bank of Russia should be maintained as the center of competence of the federal project, since the financial regulator has all the organizational and legal powers and material resources (FinCERT) for this words. -
Instructions of the Central Bank of Russia and the State Customs Committee of the Russian Federation Nos
INSTRUCTIONS OF THE CENTRAL BANK OF RUSSIA AND THE STATE CUSTOMS COMMITTEE OF THE RUSSIAN FEDERATION NOS. 86-I AND 01-23/26541 OF OCTOBER 13, 1999 ON THE PROCEDURE FOR EXERTING CURRENCY CONTROL OVER THE ARRIVAL TO THE RUSSIAN FEDERATION OF PROCEEDS FROM THE EXPORT OF COMMODITIES (with the Amendments and Additions of December 22, 1999, October 12, 2001, February 15, June 26, 2002) Regarding application of these Instructions, see Regulations of the State Customs Committee of the Russian Federation and the Central Bank of Russia Nos 01-100/1 and 243-P of December 22, 2003, Regulations of the Central Bank of Russia and the State Customs Committee of the Russian Federation Nos. 101-P and 01-23/32005 of December 22, 1999, Letter of the State Customs Committee of the Russian Federation No. 01-06/458 of January 13, 2000 Letter of the Central Bank of Russia No. 138-T of July 24, 2000 On the Procedure for Exerting Customs Control by the Customs Bodies if the Customs Regime of Commodities Taken Out of the Customs Territory of the Russian Federation Is Changed to the Customs Regime of Export, see Order of the State Customs Committee of the Russian Federation No. 01-99/1108 of September 26, 2000 1. Basic Concepts 2. General Provisions 3. Formalizing the Deal Passport 4. Customs Formalization of Exported Commodities 5. Banking Control over the Arrival of the Proceeds 6. Exchange of Information Between the Banks and the State Customs Committee of Russia 7. Procedure for the Authorized Banks Confirming the Lists of the Bank's Responsible Persons and for Registering in the Bank of Russia the Imprints of Seals for Currency Control Purposes 8.