TITLE: Russia's Central Bank Amends Type C Account Regime for Sanctions-Related Transactions
BODY:
On June 19, 2026, the Board of Directors of the Central Bank of the Russian Federation (Bank of Russia) adopted amendments to the regime governing Type C accounts, which are used for settlements and execution of transactions subject to the temporary obligation fulfilment procedures established by Presidential Decree No. 95 of March 5, 2022, and related sanctions-compliance frameworks.
The amendments expand the permitted operations on Type C accounts across multiple account categories: bank accounts, resident and non-resident accounts, brokerage accounts, special brokerage accounts, and trust management accounts. Key modifications include clarifying conditions under which funds may be transferred to non-residents who are not designated foreign creditors, and establishing documentation requirements for securities payment distributions. The changes specifically address euro-bond (eurobond) transactions and substitute bond arrangements, introducing provisions for fund transfers where foreign creditors named in Decree No. 95 were not securities owners at specified dates, or where transactions occurred pursuant to presidential authorisations, or where substitute bonds were acquired before September 1, 2024, from non-sanctioned holders with Russian depository accounting.
The amendments establish verification procedures requiring written confirmation from depositaries, documentation from account holders, or direct establishment by depositaries serving as credit institutions. These provisions apply to bank accounts, brokerage accounts, special brokerage accounts, and trust management accounts opened to residents and non-residents. The regime also permits deductions for bank commissions, erroneous fund reversals, and tax refunds across account types.
The Board's decision applies from its publication date on the Bank of Russia's official website. The amendments modify the original Type C account decision adopted November 21, 2022, streamlining compliance procedures for securities-related payments under Russia's sanctions-mitigation framework.