BarentsNews.com

New rules for banking cards that should be presented in order to open account in any Russian bank provided by Central Bank Direction No. 1297-Y of 21 June 2003 were highlighted in July 2003 issue of Russia Legal Alert Number 5 (please see section: New Rules for Banking Cards).

As Direction came into force from 1 July 2003 but should be used starting from 1 September 2003 the banks were at a loss which rules they should use from 1 July up to 1 September.

For the avoidance of confusion the Central Bank issued its Letter in which it clarified that the period between 1 July and 1 September shall be treated as “transition period” when it is allowed to use either new Direction No. 1297-Y or the old Soviet rules for banking cards.

According to the new Letter all banking cards that will be made during “transition period” under Soviet rules will be valid and remain in force. Previously Direction No. 1297-Y stated that only cards submitted prior to 1 July 2003 should remain in force.

Sergei Mashkarenko.
Lawyer
Tel/Fax: +7812-174-59-50