On 22 June 2012, the Ministry of Justice of the Russian Federation registered the new provision of the Central Bank of the Russian Federation on the regulations for transferring monetary funds (the “Provision”).

Specifically, the Provision:

  • confirms the exhaustive list of forms of non-cash payments: (1) payment orders; (2) letters of credit; (3) remittance letters; (4) checks; (5) direct debiting; and (6) transfer of electronic monetary funds;
  • describes in detail the procedure of such non-cash payments;
  • establishes the list and describes the required details for each type of payment document for the respective form of non-cash payment; and
  • sets out the forms of these non-cash documents.

The Provision came into force on 9 July 2012, and should be considered by banks and their clients when rendering non-cash payments in the Russian Federation. Specifically, banks should consider the necessity of making the respective amendments to agreements on the opening of bank accounts, direct debit agreements (previously, acceptance-free withdrawal agreements), and so on.

In particular, the Provision replaces the following provisions of the Central Bank of the Russian Federation:

  • “On Non-Cash Payments in the Russian Federation” (No. 2-P, 3 October 2002); and
  • “On Individuals’ Remitting Non-Cash Payments in the Russian Federation” (No. 222-P, 1 April 2003). 

[Provision No. 24667 “On the Regulations for Transferring Monetary Funds” (approved by the Central Bank of the Russian Federation, No. 383-P, on 19 June 2012) was registered in the Ministry of Justice of the Russian Federation on 22 June 2012]