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War: Almost all transfers to Mordor citizens will be controlled and monitored
  • Rosfinmonitoring, in agreement with the Bank of Russia, will compile a list of states, from which money transfers to Russian citizens and companies from October 1, 2021 will fall under the mandatory control of the service, regardless of the amount transferred. The list of countries will be in limited access, it will be sent to banks through personal accounts. The norm does not apply to foreign transfers to Russian banks.

    Such amendments have been made to the draft law No. 1165650-7, finalized for the second reading.

    "Receipt by an individual or legal entity (with the exception of a credit institution), a foreign structure without the formation of a legal entity of the transfer of funds is subject to mandatory control if these funds come from the payer and (or) the bank servicing the payer from the territory of a foreign state or administrative-territorial unit a foreign state with independent legal capacity, the list of which is approved by the authorized body, "the amendments say.

    The MPs will consider the bill in the second reading on June 9.

    Earlier, the deputies have already adopted a law according to which operations to withdraw cash from bank cards issued by a foreign bank are subject to mandatory control by Rosfinmonitoring, the norm has been in effect since June 2019. Operations in excess of 600k RUB (or similar in foreign currency) are subject to mandatory control by Rosfinmonitoring if they meet certain criteria.

    In reality situation is worsen very fast.

    In past year almost all cards issues by foreign banks to any Russian citizen had been cancelled (by Visa and Mastercard), not according to law, just by request.

    Paypal don't allow any transfers to accounts by foreign entities or individuals for quite a time also.

    Why they are doing this? Well - https://www.personal-view.com/talks/discussion/24970/socialism-on-liberals-and-bad-dicatatorships .

    Idea is to make huge western resources hard to use on local market. But it will all fail, sooner or later, same way as Chinese efforts will fail miserably, if hry keep doing that they do.

  • 4 Replies sorted by
  • same way as Chinese efforts will fail miserably

    They have?

  • @hardimpact

    Issue with bitcoin is that it is fully traceable (until you use complex schemes), extremely volatile, very costly for small transfers, and you still need to convert it to real money, this also add significant costs and risks.

  • what about bitcoin?