There was a time, half a year ago when the Russian Federation Ministry of Finance was just drawing the last part of new and severe regulations that would eventually ban international companies from doing online operations locally, i.e on the Russian market, without being present on Russian soil with an office there, or at least possessing one domestic rep.
This happened all the way back in 2019, August to be more precise. However, back then things didn’t go as planned, and as a result, these new regulations were never really enforced. Not until now, that is. Mid-April of this year, these rulings had been put into action, following this lengthy period of uncertainty.
As a result of the introduction of these new rules, a big portion of Russian FX and CFD businesses are facing a crisis. Most of these work with major Russian banks, and must now find new payment solutions, as well as set new legal limits. In other words, they must reform their ways accordingly.
What’s more, many foreign payment services, payment apps, payment aggregators (etc) felt the backlash of these new regulations. Some of these were new regulations on the way info is disclosed or even registration alterations.
Even before the integration of the new regulations, many firms in the country were experiencing pressure from the Ministry of Finance. However, some of these were able to go through the hurdle and find themselves on higher ground, i.e in an even better position than before. But not all companies were so lucky or so well-connected.
