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RUSSIA Executive Summary Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT RUSSIA Executive Summary Banking The Central Bank of the Russian Federation (CBR) is an independent institution under the constitution of the Russian Federation charged with supporting government monetary policy and maintaining the stability of the ruble. As well as serving as lender of last resort and issuer of notes and coins, the CBR supervises Russia’s banking system and has oversight of the country’s payments system. Under the Federal Law on the Central Bank of the Russian Federation and its amendments, all transfers between resident and non-resident bank accounts must be reported to the CBR. The CBR also administers a number of exchange controls. Residents and non-residents may hold local and foreign currency accounts both domestically and abroad. Domestic currency accounts are convertible into foreign currency. Residents must register with the relevant tax authorities before opening foreign currency accounts abroad. The Russian banking system is dominated by two large state-owned banks, Sberbank (Savings Bank of the Russian Federation) and Vneshtorgbank (Bank for Foreign Trade). Many of Russia’s remaining 440 banks are very small. Foreign banks have an increasing presence both through acquisition and establishing branches. Payments The CBR’s payment system is composed of the BESP RTGS system and an electronic net settlement system. The CBR processes the majority of cashless payments and maintains a network of 74 processing centers across nine time zones. The majority of retail payments are effected across Sberbank’s circa 16,300-strong branch network. Cash is still used for the majority of transactions in Russia, but changes to the tax system and increasing confidence in the banking system have led to increased use of cashless payment methods, most notably payment cards and electronic credit transfers. Liquidity Management Among the investment alternatives offered by the Russia market, demand deposits are particularly popular. Veksels, a form of short-term promissory note, are commonly issued by Russian companies at comparatively high levels of interest. Domestic notional pooling and cash concentration are both available in Russia, however both lack a clear legal framework. Exchange controls restrict the use of cross-border liquidity management techniques. RUSSIA Return to Contents page 2 Trade Finance Importers and exporters must observe Russia’s exchange control requirements for any foreign exchange transactions required to support trade. In general, a passport of transaction must be issued before a foreign exchange transaction can be authorized. Russia operates 19 special economic zones where customs duties are not applied. The Eurasian Economic Union (EEU), comprising Armenia, Belarus, Kazakhstan and Russia, was launched on January 1, 2015. Kyrgyzstan joined the EEU on August 12, 2015, after the accession agreement had been ratified by the other EEU member states. There are no remaining customs border controls between EEU member states. Russia is also a signatory of the Commonwealth of Independent States Free Trade Agreement (CISFTA) alongside Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Ukraine and Uzbekistan. © May 2019, AFP Country Profiles. The material provided by PNC Bank, National Association (PNC), the Association for Financial Professionals (AFP) and AFP’s contracted information supplier is not intended to be advice on any particular matter. No reader should act on the basis of any matter provided by PNC and AFP and AFP’s contracted information supplier and third party suppliers in this document without considering appropriate professional advice. PNC, AFP and AFP’s contracted information supplier expressly disclaim all and any liability to any person in respect of anything and of the consequences of anything done or omitted to be done by any such person in reliance upon the contents of this document. The information provided is frequently subject to change without notice. The data and software are provided “AS IS” without any express or implied warranty of any kind including, without limitation, warranties of non-infringement, merchantability, or fitness for any particular purpose. PNC, AFP, and AFP’s contracted information provider do not represent or warrant the information contained in this printed report, on this web site or on referred sites or sites accessible via hypertext links is complete or free from error and expressly disclaim and do not assume any liability to any person for any loss or damage whatsoever caused by errors or omissions in the data or software, whether such errors or omissions result from negligence, accident, quality, performance of the software, or any other cause. All rights reserved. No part of the material provided by PNC, AFP and AFP’s contracted information supplier and third-party suppliers may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of AFP and its contracted supplier. RUSSIA Return to Contents page 3 PNC’s International Services PNC can bring together treasury management, foreign exchange, trade finance and credit capabilities to support your international needs in a coordinated and collaborative way. International Funds Transfers countries where you do business can help you simplify PINACLE®, PNC’s top-rated, online corporate banking your international transactions. PNC offers two service portal provides access to International Funds Transfers models to help you open and manage accounts at to more than 130 countries in U.S. dollars and foreign other banks in countries outside the United States. currencies. Q PNC Gateway Direct comprises an increasing number of banks located in many European countries and Multicurrency Accounts parts of Latin America. PNC’s team will serve as a Demand deposit accounts that hold foreign currency point of contact for setting up the account, help with instead of U.S. dollars offer a simple and integrated way any language and time barriers and will continue to manage and move money denominated in more than to serve as an intermediary between you and the 30 currencies, including offshore Chinese Renminbi. bank you select. You can access reporting and make In addition, our EUR and GBP multicurrency accounts transfers via PINACLE. (MCAs) are able to receive payments via the local Q PNC’s Gateway Referral service can help you connect payment systems, SEPA and BACS/ FPS, respectively. to a correspondent banking network that comprises You can easily view deposit and withdrawal details more than 1,200 relationships in 115 countries. through PINACLE. Foreign Exchange Risk Management PNC Bank Canada Branch (“PNC Canada”) PNC’s senior foreign exchange consultants can help PNC Bank, through its full service branch in Canada, you develop a strategy to mitigate the risk of exchange can help you succeed in this important market. rate swings so you can more effectively secure pricing PNC Canada offers a full suite of products including and costs, potentially increasing profits and reducing payables, receivables, lending, and specialized expenses. financing to help streamline cross border operations. We offer a comprehensive treasury management Trade Services platform in Canada including U.S. dollar and Canadian PNC’s Import, Export, and Standby Letters of Credit dollar accounts, payment initiation services (ACH, can deliver security and convenience, along with the wire and check), receivables (A/R Advantage lockbox, backing of an institution with unique strengths in branch deposits, electronic payments) and information the international banking arena. PNC also provides reporting (with previous day through PINACLE®). Documentary Collections services to both importers and exporters, helping to reduce payment risk and Multibank Services control the exchange of shipping documents. We PNC’s Multibank Services provide you with balances assign an experienced international trade expert to and activity for all your accounts held with PNC and each account, so you always know your contact at PNC other financial institutions around the world. PINACLE’s and receive best-in-class service. And PNC delivers it Information Reporting module can give you a quick all to your computer through advanced technology, snapshot of your international cash position, including resulting in fast and efficient transaction initiation and U.S. dollar equivalent value, using indicative exchange tracking. rates for all your account balances. You can also initiate Multibank Transfer Requests (MT101s), and reduce the Trade Finance time and expense associated with subscribing to a For more than 30 years, PNC has worked with the number of balance reporting and transaction systems. Export-Import Bank of the United States (Ex-Im Bank) and consistently ranks as a top originator of loans Establish accounts in foreign countries backed by the Ex-Im Bank both by dollar volume and Establishing good banking relationships in the number of transactions. Return to Contents page 4 Disclosure PNC, PNC Bank, ACHIEVEMENT, PINACLE, Working Cash, ActivePay, Global Trade Excellence, Vested Interest, Midland Loan Services, Enterprise!, CMBS Investor Insight, Portfolio Investor Insight, Borrower Insight, Shared Servicing, PNC Riverarch Capital, and PNC Erieview Capital are registered marks of The PNC Financial Services Group, Inc. (“PNC”). PNC Retirement Solutions is a service mark of
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