Home / Russia / Banking & Finance

Banking & Finance

Banking & Finance law in Russia and beyond

Whether you seek deep-rooted local advice or multi-jurisdictional expertise, our teams will advise you seamlessly. We select and tailor the teams that will best fit with the scope of your matter.

With over 500 lawyers, the global CMS Banking & Finance practice is one of Europe’s largest and provides local and pan-European expertise in the full spectrum of banking, finance, regulatory and capital markets law.

We ensure our services are ahead of market trends, anticipating the challenging environment of your business.

Tailored commercial approach

A tailored commercial approach is key. We want your business to thrive.

Whether you are a bank or a corporation, a financial service provider or an entity confronted with regulation, an investment fund or public entity, our priority is resolving your challenges.

Top level project management goes hand in hand with expertise. Rigor and determination go hand in hand with innovation. We aim to be one step ahead of market developments, in order to build relationships with you that last. 

Please get in touch with the Head of our Banking & Finance practice Konstantin Baranov

Here you can find a list of all CMS Russia Banking & Finance lawyers.

How can we help you?

We will be glad to support you with banking and finance law issues in Russia. Please get in touch with your current request.

Your message was sent.

Thank you for contacting us. We will get back to you soon.

Please check these fields.

By including your personal data on this form you agree to it being used in accordance with our Privacy Policy

sending...
15/06/2021
CMS ad­vises PJSC URALKALI on its de­but $1.25bn sus­tain­ab­il­ity-linked pre-ex­port...
CMS has ad­vised PJSC Uralkali on its de­but $1.25bn sus­tain­ab­il­ity-linked pre-ex­port fin­ance fa­cil­ity ar­ranged by, among oth­ers, COM­MERZBANK CRÉDIT AG­RI­COLE COR­POR­ATE & IN­VEST­MENT BANK, ING BANK, SO­CI­ETE...
02/07/2020
CMS ad­vises Money­Gram on in­clu­sion in­to the re­gister of op­er­at­ors of for­eign...
CMS has ad­vised Money­Gram, one of the largest pro­viders of money trans­fers in the world, on in­clu­sion in­to the re­gister of op­er­at­ors of for­eign pay­ment sys­tems by the Cent­ral Bank of the Rus­si­an Fed­er­a­tion...
14/01/2019
CMS ad­vised share­hold­ers of West­ern Siberi­an Com­mer­cial Bank on the sale...
CMS Rus­sia has ad­vised share­hold­ers of West­ern Siberi­an Com­mer­cial Bank (WSCB) on the sale of their shares rep­res­ent­ing a total of 71.8 per­cent of the bank’s share cap­it­al to VTB Bank.WSCB is one of...

Feed

23/05/2022
Rus­sia sanc­tions 31 for­eign com­pan­ies
On 11 May 2022, the Rus­si­an Gov­ern­ment sanc­tioned 31 en­tit­ies from the EU, US, UK, Singa­pore and Switzer­land and their con­trolled en­tit­ies (the “Sanc­tioned Per­sons”) pur­su­ant to De­cree of the Rus­si­an Pres­id­ent No. 252* dated 3 May 2022 (the “De­cree”). The list of the above men­tioned en­tit­ies is set out in Rus­si­an Gov­ern­ment Reg­u­la­tion No. 851* (the “Reg­u­la­tion”). The Rus­si­an Min­istry of Fin­ance may sub­mit pro­pos­als to the Gov­ern­ment to amend this list.Un­der the De­cree, fed­er­al state au­thor­it­ies, state au­thor­it­ies of con­stitu­ent en­tit­ies of the Rus­si­an Fed­er­a­tion, oth­er state au­thor­it­ies, mu­ni­cip­al au­thor­it­ies, as well as leg­al en­tit­ies and in­di­vidu­als un­der the jur­is­dic­tion of the Rus­si­an Fed­er­a­tion (the “Reg­u­lated Per­sons”) are pro­hib­ited from:lower-al­phaper­form­ing trans­ac­tions (in­clud­ing for­eign trade con­tracts) with Sanc­tioned Per­sons;dis­char­ging out­stand­ing ob­lig­a­tions to Sanc­tioned Per­sons (in­clud­ing ob­lig­a­tions un­der for­eign trade con­tracts); an­d­car­ry­ing out fin­an­cial op­er­a­tions with Sanc­tioned Per­sons as be­ne­fi­ciar­ies. The Rus­si­an Min­istry of Fin­ance is en­titled to is­sue of­fi­cial cla­ri­fic­a­tions for para­graphs a) and b) above, and the Bank of Rus­sia may give cla­ri­fic­a­tions for para­graph c) above.The Reg­u­la­tion also sets out ad­di­tion­al cri­ter­ia for qual­i­fy­ing the fol­low­ing trans­ac­tions as re­stric­ted un­der para­graphs a) and b) above:trans­ac­tions to the be­ne­fit of Sanc­tioned Per­sons; trans­ac­tions provid­ing for the call at Rus­si­an ports of ves­sels owned and/or chartered by, for or on be­half of Sanc­tioned Per­sons; an­dtrans­ac­tions provid­ing for pay­ments or se­cur­it­ies trans­ac­tions in­volving and/or to the be­ne­fit of Sanc­tioned Per­sons.The re­stric­tions lis­ted above will ap­ply if Reg­u­lated Per­sons are aware that the ac­tions are taken to the be­ne­fit of Sanc­tioned Per­sons.The De­cree also im­poses a ban on the ex­port out­side of the Rus­si­an Fed­er­a­tion of products and/or raw ma­ter­i­als pro­duced and/or ex­trac­ted in the Rus­si­an Fed­er­a­tion if they are sup­plied to (i) Sanc­tioned Per­sons, and/or (ii) oth­er per­sons by Sanc­tioned Per­sons.Al­though the Reg­u­la­tion pro­hib­its trans­ac­tions with Sanc­tioned Per­sons only in the case of per­form­ance of the trans­ac­tions and op­er­a­tions un­der para­graphs a) to c) above, we be­lieve that, based on the De­cree, the list of Sanc­tioned Per­sons should also ap­ply for the pur­pose of pro­hib­it­ing rel­ev­ant ex­port op­er­a­tions (un­less oth­er­wise provided for in reg­u­la­tions or of­fi­cial cla­ri­fic­a­tions).Cer­tain trans­ac­tions with Sanc­tioned Per­sons may be al­lowed on the basis of spe­cial per­mits as may be pro­posed to the Gov­ern­ment by the Rus­si­an Min­istry of Fin­ance.We will con­tin­ue to mon­it­or these de­vel­op­ments and keep you in­formed of changes.* In Rus­si­an
12/04/2022
Rus­si­an Pres­id­ent signs de­cree on ad­di­tion­al counter sanc­tions meas­ures
On 18 March 2022, De­cree of the Rus­si­an Pres­id­ent No. 126* “On Ad­di­tion­al Tem­por­ary Eco­nom­ic Meas­ures to En­sure Fin­an­cial Sta­bil­ity of the Rus­si­an Fed­er­a­tion in the Sphere of Cur­rency Reg­u­la­tion” (the “De­cree”) entered in­to force.Ad­di­tion­al powers of the Cent­ral Bank of the Rus­si­an Fed­er­a­tion (the “CBR”)Un­der the De­cree, the Board of Dir­ect­ors of the CBR may lim­it the amount of:•       pre­pay­ments or ad­vance pay­ments made by non-res­id­ent leg­al en­tit­ies (oth­er than cred­it in­sti­tu­tions) un­der cer­tain con­tracts with for­eign res­id­ents: from 1 April 2022*, such pay­ment may not ex­ceed 30% of the amount of ob­lig­a­tions un­der con­tracts for the pro­vi­sion by a non-res­id­ent of ser­vices, per­form­ance of works, trans­fer of in­form­a­tion and res­ults of in­tel­lec­tu­al activ­it­ies, if the amount of ob­lig­a­tions un­der the con­tract ex­ceeds USD 15,000;   •    funds trans­fers from non-res­id­ent leg­al en­tit­ies re­gistered in the states lis­ted in Rus­si­an Gov­ern­ment De­cree No. 430-r dated 5 March 2022 (the “Un­friendly States”) or to ac­counts or banks and oth­er fin­an­cial mar­ket or­gan­isa­tions in the Un­friendly States; and   •    for­eign cur­rency that can be pur­chased by non-res­id­ent leg­al en­tit­ies in the do­mest­ic for­eign ex­change mar­ket: from 1 April 2022*, such en­tit­ies can­not pur­chase for­eign cur­rency.Any trans­ac­tions in ex­cess of such lim­its must be ap­proved by the Gov­ern­ment Com­mis­sion for the Con­trol over For­eign In­vest­ments in the Rus­si­an Fed­er­a­tion (the “Com­mis­sion”).Ad­di­tion­ally, un­til 31 Decem­ber 2022*, res­id­ents will have to ob­tain per­mis­sions from the CBR to pay for a share, con­tri­bu­tion, or unit in the as­sets of a non-res­id­ent leg­al en­tity or a con­tri­bu­tion to a non-res­id­ent un­der a simple part­ner­ship agree­ment with in­vest­ments in the form of cap­it­al con­tri­bu­tions (a joint ven­ture agree­ment).The CBR may also al­low* res­id­ents to sell for­eign cur­rency pro­ceeds with­in more than three busi­ness days or not to sell for­eign cur­rency pro­ceeds that will be ap­plied for the dis­charge of ob­lig­a­tions in for­eign cur­rency un­der fa­cil­ity agree­ments with Rus­si­an banks (it is also pos­sible to sell less than 80% of the total amount of for­eign cur­rency pro­ceeds on the basis of the Com­mis­sion’s per­mis­sion).Dis­charge of ob­lig­a­tions un­der bank ac­count (de­pos­it) agree­ments entered in­to with cer­tain bank­sUntil 1 Septem­ber 2022, ob­lig­a­tions in for­eign cur­rency un­der bank ac­count (de­pos­it) agree­ments entered in­to by res­id­ent leg­al en­tit­ies with cred­it in­sti­tu­tions in re­spect of which re­strict­ive meas­ures have been in­tro­duced by the Un­friendly States after the oc­cur­rence of such ob­lig­a­tions are deemed duly per­formed if they are dis­charged in Roubles.Cla­ri­fic­a­tions of pre­vi­ous de­creesThe De­cree also con­tains some cla­ri­fic­a­tions on the ap­plic­a­tion of De­crees 79* and 81*.The De­cree per­mits cred­it­ing for­eign cur­rency to ac­counts or de­pos­its of of­fi­cial rep­res­ent­at­ive of­fices of the Rus­si­an Fed­er­a­tion, rep­res­ent­at­ive of­fices of fed­er­al ex­ec­ut­ive bod­ies, for­eign rep­res­ent­at­ive of­fices and branches of res­id­ent leg­al en­tit­ies, and their em­ploy­ees that are opened with for­eign banks and fin­an­cial in­sti­tu­tions without ob­tain­ing the Com­mis­sion’s per­mis­sion, which is re­quired un­der De­crees 79 and 81 for cred­it­ing by res­id­ents of for­eign cur­rency to their ac­counts (de­pos­its) opened with for­eign banks and oth­er fin­an­cial or­gan­isa­tions.Also, the re­quire­ments of De­cree 79 on the sale of for­eign cur­rency pro­ceeds do not ap­ply to for­eign cur­rency cred­ited in con­nec­tion with im­ple­ment­ing pro­jects re­lated to the pro­duc­tion of li­que­fied nat­ur­al gas in the Rus­si­an Arc­tic to the ac­counts of or­gan­isa­tions that im­ple­ment such pro­jects.In ad­di­tion, not­with­stand­ing the re­quire­ments of De­cree 81, it is now pos­sible to grant loans and cred­its to res­id­ents who are con­trolled by per­sons from the Un­friendly States without ob­tain­ing the Com­mis­sion’s per­mis­sion.Ex­emp­tions for per­sons con­trolled by Rus­si­an be­ne­fi­ciar­ies­For the pur­poses of the De­cree, per­sons con­trolled by Rus­si­an be­ne­fi­ciar­ies (leg­al and nat­ur­al per­sons), in­clud­ing through for­eign per­sons, are not re­cog­nised as per­sons re­lated to the Un­friendly States, if in­form­a­tion on such con­trol is dis­closed to the Rus­si­an tax au­thor­it­ies.We will con­tin­ue to mon­it­or these de­vel­op­ments and keep you in­formed of any fur­ther changes.* In Rus­si­an
08/04/2022
Bill in­tro­duced in Rus­si­an State Duma al­low­ing sus­pen­sion and ter­min­a­tion...
On 22 March 2022, Pavel Krashe­n­in­nikov, Head of the State-build­ing and Le­gis­la­tion Com­mit­tee of the Rus­si­an State Duma, sub­mit­ted a bill*, which makes it pos­sible to ter­min­ate and sus­pend ob­lig­a­tions due to sanc­tions im­posed on Rus­sia. The bill also es­tab­lishes the pos­sib­il­ity for parties to be re­leased from li­ab­il­ity for breach of con­tract.The fol­low­ing de­scribes this le­gis­lat­ive ini­ti­at­ive in more de­tail:Ter­min­a­tion of ob­lig­a­tion­sAc­cord­ing to the bill, an ob­lig­a­tion is ter­min­ated in full or in part if its per­form­ance “ob­ject­ively be­comes defin­it­ively im­possible” “in the con­text of ‘un­friendly’ ac­tions of for­eign states and in­ter­na­tion­al or­gan­isa­tions as­so­ci­ated with the im­pos­i­tion of re­strict­ive meas­ures” against Rus­si­an in­di­vidu­als and com­pan­ies (i.e. for­eign sanc­tions).Ex­emp­tion of li­ab­il­ity for breach of ob­lig­a­tion­sThe bill provides an ex­emp­tion from li­ab­il­ity for a breach of ob­lig­a­tion for a per­son who proves that prop­er per­form­ance has “ob­ject­ively proved to be tem­por­ar­ily im­possible” in the con­text of for­eign sanc­tions. In this case, the ob­lig­a­tions se­cur­ing the de­faul­ted trans­ac­tion are also un­en­force­able un­less the parties agree oth­er­wise after the bill comes in­to force.Ter­min­a­tion of con­tractThe bill in­tro­duces the right to uni­lat­er­ally ter­min­ate a con­tract if the oth­er party to the con­tract has not per­formed, or per­formed im­prop­erly, its ob­lig­a­tion be­cause such per­form­ance is tem­por­ar­ily im­possible in the con­text of sanc­tions. The party au­thor­ised to do so must give a ter­min­a­tion no­tice to the oth­er party with­in a reas­on­able time. The col­lat­er­al se­cur­ing the ob­lig­a­tions of the parties, which shall sur­vive the uni­lat­er­al ter­min­a­tion of the con­tract or are con­nec­ted with the ter­min­a­tion, shall con­tin­ue to ex­ist, un­less oth­er­wise provided for by law or the con­tract.Se­cur­ity de­positThe bill sub­stan­tially mod­i­fies the treat­ment of se­cur­ity pay­ments.  Un­der this draft law, after 23 Feb­ru­ary 2022, the parties may enter in­to an agree­ment for a se­cur­ity pay­ment to se­cure oth­er ob­lig­a­tions. The pay­ment could con­sist of the de­pos­it of shares, bonds, oth­er se­cur­it­ies or gen­er­ic items.Re­pay­ment by Rus­si­an joint-stock com­pan­ies of loans is­sued by their for­eign con­trolling per­son­sThe bill en­titles Rus­si­an joint-stock com­pan­ies, in­stead of re­pay­ing a loan to lenders who are for­eign con­trolling per­sons of such com­pan­ies, to place ad­di­tion­al shares of a cer­tain cat­egory or type in fa­vour of such lenders. At the same time, joint-stock com­pan­ies are al­lowed to is­sue pref­er­en­tial shares whose nom­in­al value may ex­ceed 25% of the share cap­it­al.The bill does not re­quire proof of a caus­al link between the im­pos­i­tion of sanc­tions and the de­cision to place ad­di­tion­al shares in fa­vour of a lender in­stead of re­pay­ing the loan and pay­ing in­terest on it.Pro­tec­tion not for al­lAc­cord­ing to the bill, the above sup­port meas­ures do not ap­ply to per­sons who “con­trib­uted to the ‘un­friendly’ ac­tions of for­eign states and in­ter­na­tion­al or­gan­isa­tions re­lated to the im­pos­i­tion of re­strict­ive meas­ures” against Rus­si­an in­di­vidu­als and or­gan­isa­tions. The bill does not cla­ri­fy ex­actly what is meant by “con­trib­ut­ing”.Let­ter from the Cham­ber of Com­merce and In­dustry of the Rus­si­an Fed­er­a­tion­In con­nec­tion with the bill, the Cham­ber of Com­merce and In­dustry of the Rus­si­an Fed­er­a­tion has sus­pen­ded its re­view of ap­plic­a­tions for the is­su­ance of find­ings of force ma­jeure un­der con­tracts that were con­cluded with­in the frame­work of do­mest­ic eco­nom­ic activ­ity in con­nec­tion with sanc­tions on for­eign com­pon­ents and equip­ment (Let­ter No. PR/0181* of the Cham­ber of Com­merce and In­dustry of the Rus­si­an Fed­er­a­tion dated 22 March 2022).* In Rus­si­an
14/03/2022
The Mo­scow of­fice of CMS to con­tin­ue as an in­de­pend­ent law firm
Dear FriendsWe have been through a lot dur­ing 30 years in Rus­sia. Now a dif­fi­cult de­cision has been taken by CMS to leave the Rus­si­an mar­ket. We are grate­ful to our in­ter­na­tion­al col­leagues for their...
28/01/2022
Leg­al de­vel­op­ments that may af­fect your busi­ness in 2022
CMS Rus­sia ex­perts have pre­pared their an­nu­al se­lec­tion of the most sig­ni­fic­ant leg­al de­vel­op­ments that may af­fect your busi­ness in Rus­sia in 2022.
10/01/2022
CMS Next
What’s next? In a world of ever-ac­cel­er­at­ing change, stay­ing ahead of the curve and know­ing what’s next for your busi­ness or sec­tor is es­sen­tial.At CMS, we see ourselves not only as your leg­al ad­visers but also as your busi­ness part­ners. We work to­geth­er with you to not only re­solve cur­rent is­sues but to an­ti­cip­ate fu­ture chal­lenges and in­nov­ate to meet them.With our latest pub­lic­a­tion, CMS Next, our ex­perts will reg­u­larly of­fer you in­sights in­to and fresh per­spect­ives on a range of is­sues that busi­nesses have to deal with – from ESG agen­das to re­struc­tur­ing after the pan­dem­ic or fa­cing the di­git­al trans­form­a­tion. We will also share with you more about the work that we are do­ing for our cli­ents, help­ing them in­nov­ate, grow and mit­ig­ate risk.To be able to provide you with the best sup­port, we im­merse ourselves in your world to un­der­stand your leg­al needs and chal­lenges. However, it is equally im­port­ant that you know who we are and how we can work with you. So, we in­vite you to meet our ex­perts and catch a glimpse of what is hap­pen­ing in­side CMS.En­joy read­ing this pub­lic­a­tion, which we will up­date reg­u­larly with new con­tent.CMS Ex­ec­ut­ive Team
01/11/2021
Do­ing busi­ness in Rus­sia
This is the new edi­tion of the CMS Do­ing busi­ness in Rus­sia guide. 
09/07/2021
The Se­cur­it­ies Lit­ig­a­tion Re­view 2021
Read the Rus­si­an Chapter of the The Se­cur­it­ies Lit­ig­a­tion Re­view 2021, pre­pared by Sergey Yuryev, CMS Rus­sia Part­ner and Head of Dis­pute Res­ol­u­tion prac­tice.
15/06/2021
CMS ad­vises PJSC URALKALI on its de­but $1.25bn sus­tain­ab­il­ity-linked pre-ex­port...
CMS has ad­vised PJSC Uralkali on its de­but $1.25bn sus­tain­ab­il­ity-linked pre-ex­port fin­ance fa­cil­ity ar­ranged by, among oth­ers, COM­MERZBANK CRÉDIT AG­RI­COLE COR­POR­ATE & IN­VEST­MENT BANK, ING BANK, SO­CI­ETE...
10/06/2021
CMS Rus­sia earns a re­cord num­ber of re­cog­ni­tions by Best Law­yers 2022
Strong re­cog­ni­tion by the rank­ing 32 CMS Rus­sia ex­perts have been se­lec­ted for in­clu­sion in­to the 2022 edi­tion of the Best Law­yers rank­ing. In total, we have earned 74 re­cog­ni­tions by the rank­ing :Ant­on...
2021
Cur­rency con­trol
In this chapter of Do­ing busi­ness in Rus­sia, we out­line the reg­u­la­tion of for­eign cur­rency trans­ac­tions and the sanc­tions for breach of cur­rency con­trol rules.
16/04/2021
CMS Rus­sia in The Leg­al 500 EMEA 2021
The 2021 edi­tion of The Leg­al 500 EMEA re­cog­nises CMS Rus­sia across 10 prac­tice areas and hon­ours 10 firm ex­perts CMS Rus­sia has been ranked this year in the fol­low­ing 10 cat­egor­ies:Bank­ing & Fin­ance:...