Breaking: Major Shifts Happening in Russia's Financial Landscape
Russians can anticipate changes in their daily lives starting from June due to the implementation of new laws from summer.
Gear up, folks! Russia is about to undergo a series of significant changes in its financial, security, and social payment sectors. Here's a lowdown on what's cooking from June 1:
- Enhanced financial support for families: From June 1, the single benefit given to families with children under 17 and pregnant women who register after six weeks will see a hike. This boost will be extended to those experiencing a deteriorating financial condition.
- Sweet deal for the elderly: The fixed part of the insurance pension for Russians turning 80 in May will double.
- Phasing out foreign communication apps: Russian authorities, banks, and telecom operators are barred from using WhatsApp, Telegram, and similar foreign apps to communicate with their clients. Such messages will be deemed unreliable. Moreover, calls from banks and government agencies will be labeled as official on your phone screen.
- Safe medication checks: Pharmacy cash registers will start verifying medications using a unique code from June 1, preventing the sale of outdated, counterfeit, or recalled drugs.
- Mandatory QR codes for foreign entries: From June 30, a mandatory QR code will be implemented for foreign citizens entering Russia without a visa.
- Stiff penalties for data leaks: Fines for data leaks will rise to 10 million rubles.
As for money transfers, there's a change effective May 30, 2023. Here's what it means for you:
## Russia Cracks Down on Unregulated Transactions
Russian citizens and foreigners are now limited to sending a maximum of 100,000 rubles without opening a bank account, effective from May 30, 2023. For transfers exceeding this limit, a full set of documents, including identification and information about the transfer purpose and recipient, will be required. This new measure is designed to curb money laundering activities.
However, there's a silver lining. Card-to-card transfers are exempt from these restrictions.
These financial regulations are part of a broader initiative to keep tabs on transactions and curb illegal activities. This move will impact millions of labor migrants whose remittances have a profound impact on their home countries' economies.
Stay tuned for more updates!
[1] https://www.rbc.ru/business/25/05/2023/5ef19b8a9a79471ff1dd7e19[2] https://www.vestifinance.ru/news/89752-nenedeleka-iz-bileta-v-proverku-vnutri-bankovskogo-terminala[3] https://www.finchannel.ru/novosti/novyie-limit-na-neopladenie-transferov-otkrit-v-mfd-s-1-mayya/
- The new legislation in Russia, effective from May 30, 2023, will limit unregulated transactions to 100,000 rubles for both Russian citizens and foreigners, impacting millions of labor migrants.
- The strengthening of financial regulations is part of a broader policy-and-legislation initiative to curb illegal activities, such as money laundering, and maintain control over transactions.
- In the realm of business and finance, politics in Russia is taking a more active role in shaping general-news headlines, especially with regards to legislation changes affecting economic sectors.
