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Changes in the Deposit Insurance System in Force since 1 January 2019

Date: 21.01.2019

On 1 January 2019, amendments to the Federal Law dated 23 December 2003 No. 177-FZ “On the Insurance of Individuals’ Deposits with Banks of the Russian Federation” (hereinafter the Federal Law) entered into force; according to the amendments deposits/accounts of entities categorized as small businesses under laws of the Russian Federation and included into the Unified Register of Small and Medium Businesses will be covered by the deposit insurance system (DIS).

The new version of the Federal Law named “On the Insurance of Deposits with Banks of the Russian Federation” provides for insuring a small business’s ruble and foreign-currency deposits that, pursuant to a bank deposit or bank account agreement, has been placed with a bank that is a DIS member entitled to accept deposits from individuals.

For a small-business bank depositor affected by an insured event after 1 January 2019, the insurance indemnity amount is set in rubles, according to the same rules as those applicable to an individual, namely at 100 per cent of the amount of all of the bank’s insured liabilities to such a depositor (less the amount of the bank’s counterclaims against the depositor) but no more than 1.4 million rubles in total.

Therefore, under the Federal Law, since 1 January 2019 the range of depositors whose deposits in bank accounts (deposits) are covered by the deposit insurance system will include small businesses in addition to individuals and individual entrepreneurs.

For the list of banks (398 banks as of 17 January 2019) that are now members of the DIS entitled to accept deposits from individuals and to open insured accounts for small businesses see the “Deposit Insurance/Lists of Banks” section of the Agency’s website (https://www.asv.org.ru/insurance/banks_list/).

The Unified Register of Small and Medium Businesses is maintained by the Federal Tax Service of the Russian Federation and posted at its website (https://rmsp.nalog.ru/).

For additional information on the procedure for paying out insurance indemnities to small businesses see the “Deposit Insurance” section of the Agency’s website (https://www.asv.org.ru/insurance/).

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