Category: Russian Finance

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They won't be left without profit – smart contracts will help banks make money on the digital ruble.

Translation. Region: Russian Federation –

Source: Mainfin Bank –

An important disclaimer is at the bottom of this article.

How will banks make money on the digital ruble?

Smart contracts are algorithms that execute preset operations with the digital ruble, such as transferring funds step by step in real estate transactions. Transactions are automated, and administration and control costs are reduced. The Central Bank of the Russian Federation plans to allow banks to profit from the digital ruble—commercial institutions will be granted the right to create smart contracts and publish them.

"There's been increased interest from banks in the digital ruble—major companies are already proposing their ideas, and smart contracts will be an interesting case for them," the Central Bank stated.

The regulator promises to publish the concept in early 2026. The development is being conducted in dialogue with banks, and their interests will be taken into account. Smart contracts will be implemented similarly to app stores: those interested in using the required algorithms will begin paying a fee to the developers.

When will the implementation of the digital ruble in Russia be completed?

The large-scale implementation of digital currency in Russia has been repeatedly postponed; the project is currently still in the testing phase with individuals and businesses. The plan is to introduce the electronic ruble gradually:

By September of next year, banks and large companies with annual revenues of ₽120 million or more will be able to access the digital currency; by September 2027, organizations with a turnover of ₽30 million or more will be able to do so; by September 2028, all organizations will accept the digital currency.

Prominent figures are being recruited to test the electronic payment method. For example, Central Bank employees, including Elvira Nabiullina, are expected to be test subjects; her team will be paid in digital rubles. The new payment method will be most useful in the public sector, where maximum transparency in handling budget funds is essential.

09:30 10/21/2025

Source:

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial News: Informational Message on End of Support for the XBRL Questionnaire Editor Software

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

We inform you that technical support and further development of the XBRL Questionnaire Editor software will cease on September 30, 2026.

From the specified date:

New versions of the XBRL Questionnaire Editor software will not be published; updates, bug fixes, and support for this product will not be provided.

For compiling and verifying reports and other information in XBRL format, we recommend switching to the Converter software, which will continue to receive technical support and further development. The Converter software offers comparable functionality.

You can download the latest version of the Converter software, view the documentation and the training video atsection Software that implements the conversion of reporting data is the "Converter" software.

Questions regarding the operation of the Converter software should be sent to the address svch_sbrlnelp@kbr.ru in accordance withProcedure for applying users on issues related to the preparation and presentation of reports in XBRL format.

Any questions regarding the operation of the XBRL Questionnaire Editor software should be sent to svch_sbrlnelp@kbr.ru with the following mandatory conditions:

The subject of the email must indicate "Using the XBRL Questionnaire-Editor software" and the financial market sector to which the organization generating the request belongs. The email with the request must contain contact details indicating the organization, phone number, email address and responsible person, as well as the following information: Version of the XBRL Questionnaire-Editor software. Versions of other software samples mentioned in the error description. Description of the error. Step-by-step description of the actions to reproduce the error. Expected result. Actual result. Screenshots and graphical explanations of the described problem in the *.jpg, *.png, *.bmp formats. Materials used to reproduce the error, as attachments to the email: downloadable XBRL file; downloadable CSV file; downloadable txt file; generated XBRL file; generated reporting package in XBRL format; verification log; data download log in the appropriate format (CSV, XLSX or XBRL); reporting package with the *.ank extension; Excel templates for automatic data loading or unloading. The application.log file can be downloaded from the Help/About section. Frequency of occurrence of the problem. Problem severity. XBRL taxonomy version. XBRL taxonomy entry point. Name of the table in which the problem occurs. System configuration: operating system, including the operating system bit depth; amount of RAM; processor model with clock speed.

Responsible structural unit: Department of Data, Projects and Processes

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Office opening hours will change in November due to holidays.

Translation. Region: Russian Federation –

Source: Solid Bank – Solid Bank –

An important disclaimer is at the bottom of this article.

Dear customers!

We would like to inform you that due to the holidays, the operating hours of JSC Solid Bank offices in November will change:

01.11.2025 (Saturday) – pre-holiday day, working hours are reduced by 1 hour, 02-04.11.2025 (Sunday – Tuesday) – days off, from 05.11.2025 (Wednesday) – all bank offices, except for offices in the cities of Kazan and Almetyevsk, work in standard mode.

Additionally, in connection with the celebration of the Constitution Day of the Republic of Tatarstan, changes have been made to the working hours of JSC Solid Bank in Kazan and Almetyevsk: 05.11.2025 (Tuesday) – pre-holiday day, working hours are reduced by 1 hour, 06.11.2025 (Wednesday) – day off, from 07.11.2025 (Thursday) – offices in Kazan and Almetyevsk are open standard mode.

Please take this information into account when planning your visit to the bank's offices.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Solid Bank launched a children's payment sticker.

Translation. Region: Russian Federation –

Source: Solid Bank – Solid Bank –

An important disclaimer is at the bottom of this article.

Solid Bank has introduced and launched a new payment sticker to make paying for purchases even easier. The sticker is available for the DetKA children's card, which offers 10% cashback on purchases in the most popular categories among children and teenagers:

• 7832 – cinemas,

• 5814 – fast food establishments, snack bars, buffets,

• 5815 – Digital goods – audiovisual media, including books, films and music,

• 7996 – amusement parks, circuses.

Just stick the sticker to your smartphone, and you'll always have a convenient payment tool at hand! Payments are just as fast as with a card.

This children's sticker features an interesting and vibrant design – it's made in the shape of a dog's paw.

Sticker issue – 950 rubles.

To obtain a payment card, please visit a bank office. The bank has a presence in 17 Russian cities: Almetyevsk, Blagoveshchensk, Vladivostok, Yekaterinburg, Yelizovo, Izhevsk, Irkutsk, Kazan, Krasnoyarsk, Moscow, Novosibirsk, Petropavlovsk-Kamchatsky, St. Petersburg, Tula, Ufa, Khabarovsk, and Yakutsk.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial News: Inclusion in the Unified Register of Investment Advisors (out-of-the-box solution for financial institutions)

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

Members of the management bodies and employees cannot be (paragraph 1 of Article 10.1 of Law No. 39-FZ):

Persons who acted as the sole executive body at the time the organization committed violations for which licenses for the relevant types of activities were cancelled (revoked), or violations for which the said licenses were suspended and the said licenses were cancelled (revoked) due to failure to correct these violations, if less than three years have passed from the date of such cancellation (revocation). Persons who acted as the head of a branch of a foreign insurance organization at the time the organization committed violations in the activities of such branch for which the foreign insurance organization's license to conduct insurance activities was revoked, or violations for which the said license was suspended and the said license was revoked due to failure to correct these violations, if less than three years have passed from the date of such revocation. Persons in respect of whom the period during which they are considered subject to an administrative penalty in the form of disqualification has not expired. Persons who have an unremoved or outstanding criminal record for committing an intentional crime.

The founders (participants) cannot be (clause 1 of Article 10.1-2 Law No. 39-FZ):

individuals who have an unremoved or unexpunged conviction for committing an intentional crime.

Requirements for the organizational and legal form (clause 1 of Article 10.1-1 Law No. 39-FZ):

business company; a legal entity created in a different organizational and legal form (in cases stipulated by federal laws).

To the internal control system – paragraph 2 of Article 10.1-1 Law No. 39-FZ

To the risk management system – paragraph 4 of Article 10.1-1 Law No. 39-FZ

Measures to identify conflicts of interest – paragraph 5 of Article 10.1-1 Law No. 39-FZ

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial News: Inclusion in the Unified Register of Investment Advisors (ERIS) (out-of-the-box solution)

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

Members of the management bodies and employees cannot be (paragraph 1 of Article 10.1 of Law No. 39-FZ):

Persons who acted as the sole executive body at the time the organization committed violations for which licenses for the relevant types of activities were cancelled (revoked), or violations for which the said licenses were suspended and the said licenses were cancelled (revoked) due to failure to correct these violations, if less than three years have passed from the date of such cancellation (revocation). Persons who acted as the head of a branch of a foreign insurance organization at the time the organization committed violations in the activities of such branch for which the foreign insurance organization's license to conduct insurance activities was revoked, or violations for which the said license was suspended and the said license was revoked due to failure to correct these violations, if less than three years have passed from the date of such revocation. Persons in respect of whom the period during which they are considered subject to an administrative penalty in the form of disqualification has not expired. Persons who have an unremoved or outstanding criminal record for committing an intentional crime.

The founders (participants) cannot be (clause 1 of Article 10.1-2 Law No. 39-FZ):

individuals who have an unremoved or unexpunged conviction for committing an intentional crime.

Requirements for the organizational and legal form (clause 1 of Article 10.1-1 Law No. 39-FZ):

business company; a legal entity created in a different organizational and legal form (in cases stipulated by federal laws).

To the internal control system – paragraph 2 of Article 10.1-1 Law No. 39-FZ

To the risk management system – paragraph 4 of Article 10.1-1 Law No. 39-FZ

Measures to identify conflicts of interest – paragraph 5 of Article 10.1-1 Law No. 39-FZ

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Taking biometrics to the next level: VTB to launch palm-based payments

Translation. Region: Russian Federation –

Source: Mainfin Bank –

An important disclaimer is at the bottom of this article.

What is known about VTB's palm-based payment technology?

VTB is proposing to identify customers using palm scans through updated payment terminals – the technology is intended to become an alternative to biometrics. Users will be able to pay with their palms using the following method:

The customer places their hand over the IR sensor on the terminal. The system analyzes their unique fingerprint, including the pattern of capillaries. The bank identifies the customer and finds the card selected for payment. The funds are debited—the entire process takes 10-15 seconds.

It is expected that biometric data will be stored in the Unified Biometric System, and for widespread adoption of the technology, the bank will need to upgrade its acquiring terminals. The exact launch date for palm payments has not yet been set.

Which other banks are implementing biometric technologies in payment services?

The rapid development of biometric payments in Russia began amid the imposition of Western sanctions, which limited contactless payments, causing difficulties for clients. Biometric technologies are already in use at several Alfa-Bank branches, where palm-scan access to safe deposit boxes has been available since 2018, but the technology is only available at the flagship branch.

"Russian banks have managed to resolve the issue of blocked payment apps on iOS. For example, T-Bank clients can now pay via T-Pay, and Sber has launched Bluetooth payments," the expert noted.

Sberbank also launched a biometric smile payment platform in 2023; this service will be available to clients of other banks starting in late 2024. Sberbank also announced the introduction of hand-scan payments through Finpolis. To implement this project, the bank will no longer need to update its terminals or connect to the Unified Biometric System (UBS) to store biometric data. Biometric technologies are also being developed in other countries; for example, in China, you can now pay for a subway ticket with your palm.

10:00 10/14/2025

Source:

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial News: Establishing an Insurance Company as an LLC

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

1. Study the necessary federal laws and regulations.

2. Check the organization's compliance with the requirements for authorized capital.

To do this, follow these guidelines: By Bank of Russia Instruction No. 6171-U dated June 28, 2022 "On establishing a list of documents confirming compliance with the requirements for the authorized capital of an insurance organization, a list of documents confirming the sources of origin of property contributed by founders (shareholders, participants) of an applicant for a license to carry out insurance and (or) reinsurance to the authorized capital, and requirements for such information and documents."

Minimum authorized capital Types of insurance activities
300,000,000 rubles Voluntary personal insurance, with the exception of voluntary life insurance and/or voluntary property insurance and/or other types of insurance provided for by federal laws on specific types of compulsory insurance.
450,000,000 rubles Voluntary life insurance or voluntary life insurance and voluntary personal insurance, excluding voluntary life insurance.
600,000,000 rubles Reinsurance, as well as insurance in combination with reinsurance.
120,000,000 rubles For insurance companies providing exclusively compulsory medical insurance.

3. Check officials for compliance with legal requirements.

The list of persons, as well as qualification and other requirements for these persons are provided for in Article 32.1 Law No. 4015-1.

To perform the check, we recommend using:

4. Select a unique name and include it in the legal entity's charter and the Unified State Register of Legal Entities.

To check the names already in use, we recommend using unified state register of insurance entities. It is also necessary to comply with the naming requirements specified in Article 4.1. Law No. 4015-1.

The name must contain The organizational and legal form of the insurance entity.
The type of activity of the subject of the insurance business using the words “insurance”, “reinsurance”, and derivatives of these words.
A designation that individualizes the subject of insurance business.
An indication that the joint-stock company is public (for public joint-stock companies).

In the event that the insurance supervisory authority refuses to issue a license or returns an application for a license, a legal entity whose name contains the words “insurance,” “reinsurance,” or their derivatives is required to exclude them from its name and make appropriate changes to its charter or resubmit the documents within 90 working days from the date of the relevant decision.

5. Pay the state fee for performing legally significant actions.

The state duty amount is 7,500 rubles.Details for payment of state duty

In order to minimize errors when entering information, we recommend using Payment order designer.

6. Activate personal account of an information exchange participant and send a set of documents to the Bank of Russia.

7. Obtain a license to carry out insurance and reinsurance.

When making a decision on issuing a license, information about the subject of the insurance business is entered intoUnified State Register of Insurance EntitiesThe license is valid from the day following the day the Bank of Russia makes a decision to issue it.

The license for insurance and reinsurance in the form of an extract is sent through the personal account.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Time limits in SolidPAY

Translation. Region: Russian Federation –

Source: Solid Bank – Solid Bank –

An important disclaimer is at the bottom of this article.

Dear customers!

Applications for connecting to the SolidPay mobile application are not being processed due to technical reasons.

All applications sent by email card2@solidbank.ru, are recorded and monitored until the software is restored.

There is no need to re-submit applications to connect the service.

Transfers between customer accounts made in the SolidPay mobile app may also not be processed.

Once your applications have been processed, you will receive feedback via reply letter.

We apologize for the inconvenience.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Solid Bank presented optimal routes for foreign exchange transactions at a conference on foreign economic activity.

Translation. Region: Russian Federation –

Source: Solid Bank – Solid Bank –

An important disclaimer is at the bottom of this article.

On October 9, the "Navigator of Payment Solutions for Foreign Economic Activity" conference, organized by Tochka Sborki, was held in Yekaterinburg. Solid Bank not only actively participated but also became a platinum partner of the event. The bank was represented at the conference by its specialized division, the Department for the Development of Foreign Economic Activity.

The conference provided a platform for participants—experts in foreign economic activity—to exchange opinions, experiences, and working strategies and tools. As foreign economic activity has faced various challenges and pressures in recent years, the main topic of the conference was solutions for effectively managing risks and difficulties in this sector.

Speakers at the event included heads of regional, federal, and international companies, representatives of banks and investment companies, and representatives of the Ural Chamber of Commerce and Industry.

Sergey Aleksandrovich Merkulov, Head of Foreign Economic Activity at Solid Bank, was among the event's speakers. His presentation was titled "Optimal Routes for Currency Transactions." In his report, he discussed the bank's direct payment capabilities, the agency model, and interactions with non-residents.

"Uncertainty is the main pain point in international payments: unclear deadlines, unpredictable fees, the risk of blocking, and doubts about the payment's success. At times like these, it's especially important to find reliable providers in the world of currency payments," said Sergey Alexandrovich, describing the current situation with international payments.

Another representative of SOLID Financial House, Vladislav Georgievich Dyachenko, Director of the Yekaterinburg Representative Office of JSC IFC SOLID, continued the discussion. At the conference, he covered the topic of "Hedging Currency Risks in Yuan."

These two presentations can be considered complementary, and they revealed not only general trends and challenges in foreign economic activity, but also the practical experience and case studies of the two partner companies.

The conference featured a wealth of useful and expert information, practical solutions, and exciting opportunities. Participants noted the relevance of the discussion topics and the timeliness of the solutions and plans presented.

Participation in the foreign trade conference was a significant event for Solid Bank – it allowed it to share experiences, receive feedback from the professional community, present exclusive foreign trade solutions to colleagues and potential partners, and establish new business contacts. The bank will continue to develop its activities in this area, which it plans to share at future industry events.

Reference information

Solid Bank JSC is a universal commercial bank founded in 1991 in Kamchatka. In 2017, the head office was relocated to Vladivostok. The bank has offices throughout the country: in the Far Eastern Federal District, Siberian Federal District, Tatarstan, Udmurtia, Bashkortostan, Moscow, Tula, Yekaterinburg, and St. Petersburg. The majority of offices are located in the Far East. For over 30 years, Solid Bank JSC has been providing a full range of services to businesses and private clients. General License No. 1329 of the Central Bank of the Russian Federation dated May 25, 2017.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.