Banks to solicit longer period of migration to Russian-made software and hardware

Initially, the Ministry of Digital Development proposed the migration of CII facilities to primarily domestic software and equipment starting from January 1, 2021 and January 1, 2022, respectively. The banks, however, warned the regulator that an accelerated migration could generate risks of large-scale outages, and asked to reschedule the deadline for 2025–2026. The authorities met them halfway, but only in part: in late October, the ministry published a draft presidential decree, providing for January 1, 2024, and January 1, 2025 to be the migration deadlines for the software and equipment, respectively. Before that, the Bank of Russia proposed the government and the presidential administration to set a single date – January 1, 2025.

The banks explained their request by the fact that they need at least six years for the migration, since the share of foreign software and IT equipment averages 85%  and the implementation of the new requirements will cost over 700 billion rubles for the whole banking system (5–7% of the banking system's own funds).

The banks also ask the central bank not to include in the register software and equipment developed by them in-house, but to allow their use. Other proposals include the development of simplified rules for entering the register for solutions developed by companies from banking groups and used within the bank only. Such software and equipment are often found on the market, but it is difficult to include them into the register, since the solutions do not meet the formal criteria of the register. At the same time, it is proposed to entrust the central bank with the control over the phase-out of imports in the financial market.