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Ministry of Economic Development offers granting RF residence permit for real estate buyers
According to a draft law proposed by the Ministry of Economic Development, foreign entrepreneurs may obtain a residence permit in Russia after buying property in the country. The ministry is developing amendments to the Russian law “On Foreign Citizens’ Legal Status”. Alexander Razuvaev, Ph.D....
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Bank of Russia caps acquiring fees for medical services
From June 1 to September 30, 2020, the maximum acquiring fee for medical services payments must not exceed 1%. The decision was made on May 13 by the Board of Directors of the Bank of Russia.
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Russia develops platform for quantum Internet
ITMO University won a RUB300mn grant (over $4.1mn) from RVC, a Russian venture fund, as a result of competitive selection of leading research centers (LRCs) held under the national program “Digital Economy of the Russian Federation” commissioned by the Ministry of Communications of...
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Banks lodge part of their staff in offices
Because of the coronavirus pandemic, major Russian banks have started to consider their office space as a temporary lodging for some of their employees.
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Cash collection market to revive after its fall in March
INKAKHRAN, a major CIT firm, notes that the cash collection market is gradually coming to life after a sharp decline in demand caused by the pandemic and the introduction of a non-working period.
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Russia may introduce digital vouchers
Russia, similarly to China, may introduce digital food vouchers, in order to support the population and the economy against the coronavirus pandemic. This proposal was made by NCR, a Russian credit rating agency.
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Central Bank hopes restrictions to be loosen in Russia in June
The Central Bank of the Russian Federation expects the restrictive measures introduced in the country against the coronavirus pandemic to be loosen in June, according to Bank of Russia’s Monetary Policy report dated May 6.
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Banks cancel cash backs on online purchases because of Bank of Russia measures
Russian banks began to cut loyalty programmes against the backdrop of the Bank of Russia’s regulation of acquiring fees.
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Federal platform for issuing digital passes to be implemented in 21 RF constituent entities
Following a meeting of the heads of regional digital transformation bodies held at the Ministry of Communications of Russia on April 21, 2020, the 21 constituent entities of the Russian Federation submitted their applications to the Ministry in order to start the implementation of the federal...
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83% of Sberbank customers pay public utility bills online
Sberbank customers pay for public utility services remotely from their homes far more often, with such transactions amounting to 83% of the total volume of public utility payments (compared to 73% a year ago).
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Russia starts loan origination using Face ID
Face ID, voice prints and video communication will be used in Russia for loan issuing. Adoption of a draft law on remote biometric identification is accelerated and may take place as early as May-June because of the pandemic.
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Rossvyaz seeking concept developer of eSIM implementation in Russia
The Federal Communications Agency (Rossvyaz) has announced a tender to develop a concept for the use of electronic SIM card (eSIM) in Russia.
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Bank of Russia recommends that banks wean employees off bonuses in view of cheating customers
The Bank of Russia recommended that commercial banks change their approach to the remuneration of their employees, explaining the request by “unfair practices” revealed.
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Russian government rapidly buys out Sberbank from Central Bank
On April 9, 2020, a stake in Sberbank was bought by the government from the Bank of Russia, Izvestia reported with reference to a source. The deal amounted to 2.14 trillion rubles, which is 300 billion less than originally planned. This is explained by the fact that Sberbank securities plunged on...
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State Duma supports mortgage holidays idea
The State Duma supported the idea of providing credit holidays to the holders of mortgage of up to 5 million rubles, wrote State Duma Vice Speaker Pyotr Tolstoy on his social network page.
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Russians hoard cash over Covid-19 fears
Russians have responded to the Covid-19 pandemic by stockpiling cash, withdrawing more physical money from ATMs and bank branches in the last few weeks than in the whole of 2019.
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Bank of Russia recommends that banks should temporarily accept expired passports from customers
The Central Bank of the Russian Federation recommended financial institutions provide services to the clients with expired passports until 1 July 2020, the regulator said. This refers both to existing customers and new ones.
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Growing cashless payments in Russia exceed 53.1%
SberData, Sberbank’s big data analytics and processing lab, and OFD Platform, a fiscal data operator, continue their series of studies focused on the cashless payments in Russia.
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Oleg Tinkov resigns as Tinkoff Bank board chairman
Over the next few weeks, Oleg Tinkov will step down as chairman of Tinkoff Bank board and transfer his stake to a family trust. He explained his decision with health reasons.
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Fraudsters help VTB clients receive repayment holidays
VTB records activities of scammers who offer to “solve any problems as regards waiving the bank loans" and sell fake certificates of coronavirus diseases.