Russian Banks to Be Required to Disclose Full Product Information from September 1

Dragon Media News Desk

Banks and other credit institutions in Russia will be required from September 1 to provide customers with full information about the terms and conditions of their financial products and services.

Under the new legal requirements, credit institutions must clearly disclose the conditions governing money transfers through the Faster Payments System, or SBP, operated within the payment infrastructure of the Central Bank of Russia.

Banks will also be required to provide information on the terms and conditions for using electronic payment instruments, with electronic wallets excluded from this requirement.

The new rules are intended to increase transparency in banking and payment services and ensure that customers receive clear information about applicable conditions before using financial products or services.