Banks with a basic license may be entitled to open correspondent accounts abroad on a permanent basis. Such an initiative is described in the report of the Central Bank on promising areas for the development of banking regulation and supervision. It states: some large credit institutions were cut off from a number of operations, but small players will be able to take on the role of clearing centers.
For example, on January 24, American banks unilaterally severed correspondent relations with Gazprombank, although it was not on the list of companies under blocking sanctions in the United States.
Now for opening correspondent accounts abroad for small banks, a temporary permit is valid until December 31, 2023. Some credit organizations have already taken advantage of this right, Izvestia was told in the press service of the Central Bank. They noted that the balances on accounts in foreign banks are still insignificant.
The banking community supported the regulator’s proposal. Permission to open correspondent accounts abroad for organizations with a basic license will allow them to independently conduct operations in foreign currency, said Alexei Tarapovsky, founder of Anderida Financial Group. However, in reality, they are unlikely to be able to start cooperating with European or American banks. Most likely, small banks will be able to use such solutions in neighboring countries and Asia, the expert explained.
Read more in the exclusive Izvestia article:
Go abroad: the Central Bank will expand the access of banks to international settlements
