Bank of Russia clarifies procedure for creating required reserves in I-type ruble accounts

The Bank of Russia has decided to clarify the procedure for creating required reserves by the central depository in I-type ruble accounts opened pursuant to Executive Order of the Russian President No. 394, dated 22 June 2022, ‘On the Temporary Procedure for Meeting State Debt Obligations in the Form of Government Securities with Nominal Value Denominated in Foreign Currency to Residents and Foreign Lenders by the Russian Federation’.

The central depository is entitled not to include balances of the separate accounts of balance sheet account No. 40807 ‘Legal entities — non-residents’ in the reservable liabilities with regard to the accounting of liabilities in I-type ruble accounts opened according to Executive Order No. 394.

This procedure is to be first applied to required reserve amounts for August 2022.

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08.09.2022 15.00.00