The Parliament will simplify the admission of foreign citizens to foreign exchange trading in Russia

The State Duma has approved a draft law that will allow banks and brokers from other countries to participate in foreign exchange trading. These amendments to the law will create currency liquidity. Currently, 21 banks from the countries of the Eurasian Economic Union have access to participate in the Russian foreign exchange market.

By law, banks with a Central Bank license can participate in foreign exchange trading. A number of criteria have been established for banks:

– banks (credit organizations) – Russian residents with a license valid for at least 6 months;

– non–credit organizations – Russian residents (brokers, managers, insurance organizations, MFOs);

– non-credit organizations with a capital of at least 500 million rubles;

– state corporations;

– banks – Russian non-residents from the EAEU countries;

– international organizations;

– clearing organizations.

The amendments to the law will allow the government to approve a list of foreign countries, banks and brokers from which will be able to participate in foreign exchange trading in Russia. The Central Bank will determine the criteria for such persons.