Russians can work with foreign brokers, but at their own risk, the regulator emphasized.
The “black list” of organizations providing financial services to Russians was formed, inter alia, on the basis of their advertising, RBC reports with reference to the Central Bank.
The reason for getting into the list can be not only the lack of a license. The regulator uses its own monitoring system and is based on requests from citizens. According to the Bank of Russia, almost 550 complaints have been received against foreign companies included in the list.
The analysis took into account whether the foreign company is oriented “towards working with the Russian audience”.
Among the criteria for inclusion in the list, the Central Bank identified:
- Advertises services in Russian.
- Has a Russian-language version of the site.
- Indicates contact details with Russian dialing codes.
- Gives users access to the site from Russian network addresses.
- Is it possible to replenish an account from Russian payment services.
- Are there mobile applications for Russian users?
- Is it possible to remotely open an account from Russia.
If a company meets all or several of the criteria, then the Central Bank will have grounds for including the organization on the “black list”.
On June 1, the Bank of Russia published a list of companies with signs of illegal activities in the financial market. The list includes more than 1,800 organizations and Internet projects with signs of a pyramid scheme, illegal creditors or pseudo brokers. The list included the popular American broker Interactive Brokers, which stopped working with Russian partners in April 2021.
The Central Bank said that investors from Russia have the right to work with foreign brokers and financial companies directly, but in this case “a person deprives himself of the protection that Russian regulation gives.”