LETTER OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 4, 2013 No. 172-T

About priority measures when implementing banking supervision

For the purpose of operational prevention of emergence of the situations menacing to interests of creditors and investors of credit institutions, territorial offices of the Bank of Russia when implementing banking supervision are guided by the following.

1. No later than five working days after receipt in territorial office of the Bank of Russia of information of Department of financial monitoring and currency exchange control on signs of high involvement of credit institution into carrying out doubtful non-cash and (or) cash transactions according to appendix to this letter the territorial office of the Bank of Russia takes the following actions:

1.1. In the presence of the bases, the stipulated in Article 74 Federal Laws "About the Central Bank Russian Federation (Bank of Russia)", sends to Department of banking supervision the draft of the instruction about introduction for a period of 6 months depending on nature of doubtful transactions of one or several measures, namely:

restriction for carrying out foreign currency transactions through the correspondent accounts opened in credit institutions (except JSC Sberbank of Russia, JSC VTB), and (or) restriction for carrying out transactions in currency of the Russian Federation through the correspondent accounts opened in credit institutions, except for correspondent account in the Bank of Russia;

restriction for implementation of money transfers in currency of the Russian Federation and foreign currency at the request of clients - legal entities into the accounts of residents and nonresidents opened in foreign and Russian authorized banks;

restriction for money transfer at the request of legal entities and physical persons - individual entrepreneurs from their bank accounts for accounts of physical persons (except for salary payments and other payments of social nature, and also except for return of money according to earlier signed purchase and sale agreements of goods, works and services);

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