9/18/2023 0 Comments Qiwi wallet russia![]() ![]() 161-FZ on the National Payment System of 27 June 2011. A new Article 19.1 has been added to Federal Law No. According to the Bank of Russia, the total volume of money transfers from Russia to Ukraine in 2016 was in excess of 1 billion US Dollars ↩ģ. The Bank of Russia records the operators of such payments systems in the relevant register ↩Ģ. We will monitor the situation and keep our clients informed of further changes in this sphere.ġ. Alternatively, their clients will have to seek out other options to transfer money from Russia to a state restricting RPS activities (direct bank account transfers, postal remittances, etc.). Money transfer systems controlled by foreign persons will have to develop and offer new products (for instance, transfers using so-called "intermediary recipients"). The new legislative restrictions adopted by the Russian authorities will materially affect the operations of many payment service providers. The mechanics of the implementation of provisions of the Law (including, the penalty assessment procedure) are under development. That said, it has retroactive effect in relation to restrictions imposed before the effective date of the Law. Therefore, any restrictions adopted in foreign states against RPSs might potentially cause the cessation of the money flow from Russia to such states. ![]()
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