The Central Bank of the Russian Federation published the Ordinance No. 4930 “On Amendments to the Bank of Russia Regulation as of June 19, 2012 No. 383-P “On the Rules for Funds Transfer” ”
26.12.2018
The framework, in particular, introduces amendments to the provisions of Chapter 6 “Payments by letter of credit”, clarifying the specifications of this financial instrument.
Ordinance No. 4930-U was developed with regard to the initiatives, submitted by the members of the ICC Russia Task Force on the use of blockchain in trade financing, accomplished in partnership with FinTech Association on the platform, provided by ICC Russia.
The introduction of Regulation No. 383-P new version aims to provide the framework for multilateral exchange of digital workflow involving not only banks and their clients, but also shipping companies, insurance companies, etc., within letter of credit transaction, transforming this documentary instrument into more comfortable and affordable one for end-users.
Source: Central Bank of Russia
ID: 6166
The Central Bank of the Russian Federation published the Ordinance No. 4930 “On Amendments to the Bank of Russia Regulation as of June 19, 2012 No. 383-P “On the Rules for Funds Transfer” ”
On December 26, 2018 the Central Bank of the Russian Federation published the Ordinance No. 4930 “On Amendments to the Bank of Russia Regulation as of June 19, 2012 No. 383-P “On the Rules for Funds Transfer” ” .The framework, in particular, introduces amendments to the provisions of Chapter 6 “Payments by letter of credit”, clarifying the specifications of this financial instrument.
Ordinance No. 4930-U was developed with regard to the initiatives, submitted by the members of the ICC Russia Task Force on the use of blockchain in trade financing, accomplished in partnership with FinTech Association on the platform, provided by ICC Russia.
The introduction of Regulation No. 383-P new version aims to provide the framework for multilateral exchange of digital workflow involving not only banks and their clients, but also shipping companies, insurance companies, etc., within letter of credit transaction, transforming this documentary instrument into more comfortable and affordable one for end-users.
Source: Central Bank of Russia
ID: 6166