Tajikistan is listed among countries, whose banks are able to participate in foreign exchange trading in the Russian Federation
An instruction on endorsement of the list was signed by Prime Minister Mikhail Mishustin and it was posted on the Russian Government’s official website on September 20.
The list also includes Azerbaijan, Armenia, Belarus, Kyrgyzstan, Turkmenistan, Uzbekistan, Algeria, Bangladesh, Bahrain, Brazil, Venezuela, Vietnam, Egypt, India, Indonesia, Iran, Qatar, China, Cuba, Malaysia, Morocco, Mongolia, the United Arab Emirates (UAE), Oman, Pakistan, Saudi Arabia, Serbia, Thailand, Turkiye, and the Republic of South Africa.
Russia’s lower chamber (State Duma) of parliament in early July adopted in the third reading a law that allows banks and brokers from countries that are foreign trade partners of Russia and are not members of the Eurasian Economic Union (EAEU) to participate in organized trading in foreign currency and derivative financial instruments (DFI), the underlying asset of which is currency and interest rates.
The document (N210089-8), from October 2022 was submitted to parliament by Anatoly Aksakov, head of the State Duma Committee on the Financial Market, and a group of senators. According to the authors, this measure will provide the necessary foreign exchange liquidity.
The explanatory note to the adopted law notes that, in fact, now non-resident banks from the Eurasian Economic Union (EAEU) member nations, as well as banks in Tajikistan, have the possibility of direct access to the Russian foreign exchange market.
A total of 21 non-resident credit institutions currently operate in the Russian foreign exchange market.
