Bank of Russia terminates measure to support national payment system entities
The Bank of Russia will not extend, from 1 July 2023, the easing for entities of the national payment system (NPS), which provides for the non-application of enforcement measures for a failure to register a payment system operator if credit institutions meet the criterion1 established by law. This support measure will be discontinued due the stabilisation of the amounts of funds transfers between credit institutions and taking into account the analysis of the current performance indicators of NPS entities.
The easing was introduced in 20222 in connection with the transformation of correspondent relations among credit institutions, which resulted in fluctuations in the amounts of funds transfers due to the sanctions restrictions. Later, this support measure was extended until 1 July 2023.3
1 In accordance with Part 39 of Article 15 of Federal Law No.
2 Bank of Russia Information Letter No. IN-04-45/48, dated 31 March 2022, on the non-application of measures against National Payment System entities.
3 Bank of Russia Information Letter No. IN-04-45/147, dated 29 December 2022, on the extension of support measures in relation to National Payment System entities.
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26.05.2023 13.26.00