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CBR To Start Monitoring Implementation Of Import Substitution Rules In Financial Sector

RUSSIA
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  • Vedomosti reported that from May 27, the Central Bank of the Russian Federation will start to actively monitor import substitution in banks and other financial institutions. The central bank will check whether financial institutions have complied with the requirement to switch to domestic software or telecommunications equipment by the required deadlines. The transition is part of the implementation of a presidential decree to ensure that critical IT infrastructure should operate on domestic software by the beginning of next year.
  • Finland's Prime Minister Petteri Orpo signalled that the country could partially re-open its border with Russia after it adopts of a "deportation law" (to be proposed in parliament next week) to prevent the influx of asylum seekers funnelled by Moscow. The law would allow Finnish authorities to push undocumented migrants back to the Russian side of the border.
  • Finance Minister Anton Siluanov will attend a meeting of the State Duma's Budget and Tax Committee at 12:00BST/14:00MSK to discuss future changes to the tax system.
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  • Vedomosti reported that from May 27, the Central Bank of the Russian Federation will start to actively monitor import substitution in banks and other financial institutions. The central bank will check whether financial institutions have complied with the requirement to switch to domestic software or telecommunications equipment by the required deadlines. The transition is part of the implementation of a presidential decree to ensure that critical IT infrastructure should operate on domestic software by the beginning of next year.
  • Finland's Prime Minister Petteri Orpo signalled that the country could partially re-open its border with Russia after it adopts of a "deportation law" (to be proposed in parliament next week) to prevent the influx of asylum seekers funnelled by Moscow. The law would allow Finnish authorities to push undocumented migrants back to the Russian side of the border.
  • Finance Minister Anton Siluanov will attend a meeting of the State Duma's Budget and Tax Committee at 12:00BST/14:00MSK to discuss future changes to the tax system.