Putin issues decree to ease operating norms for BRICS Bank & AIIB

Russian President Vladimir Putin has signed a decree on waiving special economic measures, which were imposed in March in response to the sanctions, for a number of foreign investment funds and development banks, according to the decree issued on Saturday.

Among them are the Asian Infrastructure Investment Bank, the International Bank for Economic Cooperation, the International Investment Bank, the Russian-Kyrgyz Development Fund, and BRICS’ New Development Bank (NDB).

In particular, they will not be subject to the procedure for transactions established under the March 1 presidential decree on special economic measures. Additionally, these banks and investment funds are exempt from the ban on foreign currency transactions that involves lending by Russian residents to foreign individuals and depositing foreign currency by Russian residents to the accounts opened outside Russia, according to a Russian government statement.


The Asian Infrastructure Investment Bank, the International Bank for Economic Cooperation, the International Investment Bank, the Russian-Kyrgyz Development Fund, and the New Development Bank are also not subject to the temporary procedure regarding obligations of Russia and Russian companies to foreign creditors, according to the statement.

Moreover, some other restrictions, which are stipulated in the measures taken in response to moves by the West, are lifted on the mentioned development banks and investment funds, the statement added.