Foreign Visitors To Russia To Have Access To Remote Banking Facilities By Q4 2023

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Maxim Reshetnikov, Russia’s Economic Development Minister has said that the Russian government’s resolution on foreign tourists opening accounts remotely in Russian banks should be passed very soon, and it could enter into effect by the end of 2023.

“We must resolve the matter of payments. Tourists love visiting both Moscow, St. Petersburg and Russia. We have amended the law on the possibility of opening accounts in Russian banks; the resolution should be passed in the near future. We hope to launch this initiative in the fourth quarter this year” Reshetnikov said at an industry conference in Moscow.

Reshetnikov also noted that there are plans to begin active operations abroad to promote Russia beginning in 2024.

The State Duma in June passed a law to allow foreign tourists to pay using Mir e-bankcards in Russia, thereby permitting Russian banks to open accounts for foreign tourists and legal entities without the latter’s physical presence or the presence of representatives. Tourists could use the e-bankcards to book tours, as well as pay for services and purchase goods upon arrival in Russia.

Payments to the Mir e-bankcards from friendly countries such as China, India, the Middle East and elsewhere can be made in advance of, or during their trip and accessed while in Russia.

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