In the state Duma proposed to restrict money transfers to Ukraine

In the state Duma proposed to prohibit money transfers to the countries, which have limited the work of Russian payment systems on its territory. The restriction applies to transfers through international payment system and is associated with transfers from Russia to Ukraine, follows from the bill introduced in the state Duma Deputy Vladislav Reznik of United Russia.

In the explanatory Memorandum directly States that the document is directed on elimination of consequences of the ban of the Russian payment systems in Ukraine. It has led to restriction of competition in the market for payment services in favor of foreign payment systems, said the author of the bill. In this regard, he proposes to limit transfers via international payment systems from Russia to States which have prohibited by Russian market participants.

For violation of this provision the operator who has carried out the translation proposed fine for the full amount of the transfer. To fine will the Bank of Russia, follows from the bill.

As the message of the office of the Deputy, at present, such transfers are carried out in the framework of the Russian and foreign payment systems, and also through the system, “instant” translation — in fact, using the services of foreign legal entities, which are not the infrastructure of payment systems, do not have a presence in Russia and are not regulated properly. In order to protect the rights of all participants in this activity, the bill proposes to allow such transfers only within the regulated segment of payment systems.

It is specified that, given the interstate nature of the transfer, the project will ensure equal competition for Russian payment systems on the international market by removing opportunities for regulatory arbitrage.

If the bill is passed in its current form, to meet its requirements and the Russian regulator and financial institutions will need to closely monitor changes in the legislation of all countries of the world, and also what foreign credit institution controlled by the Russian, and what — no, says the representative of the payment system “Yandex.Money.” In his opinion, this will significantly complicate international money transfers. This situation has a negative impact not only on the business of many banks, but for regular users, said the representative of “Yandex.Money.”

Ukraine bans Russian payment systems operations in the country as of 19 October. The annual ban on working in the country was introduced to six Russian payment systems: “Hummingbird” (controlled by Sberbank), the “Golden crown” (rnko “Payment center”), “Unistream” (Bank “Uniastrum”), international money transfers “Leader” (NCO JSC “Leader”), Anelik (Bank “Anelik RU”), Blizko (the Bank). According to experts, Russian companies will have to pay the competitors transaction volume of about $1 billion a year.

According to the Bank of Russia, in 2015 the volume of money transfers through payment systems from Russia to Ukraine amounted to $988 million, from Ukraine to Russia — $157 million For the first half of 2016, the remittances amounted to $314,5 million and $45.4 million, respectively.