On 23/05/2023 Alexander Linnikov, the founder of L&P, made a comment to Kommersant newspaper on the possibility of allowing branches of foreign banks to enter the Russian market. According to the latest information, a new version of the draft law providing for the possibility of opening branches of foreign banks in Russia have been submitted to the Bank of Russia for approval. The new document partially takes into account the comments of the Bank of Russia, concerned about the inability to fully monitor the financial situation of the parent organizations of Russian branches and, if necessary, apply appropriate measures to them. In addition, the bill significantly restricts the range of banking operations allowed to branches of foreign credit organizations in Russia. Leading experts doubt that in this form, the opening of branches will be interesting to foreign banks. Alexander Linnikov, in particular, noted: “Given the policy of foreign banks that are afraid of secondary sanctions, it is not possible to talk about any positive aspects.”
