INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of March 23, 2023 No. 6379-U

About procedure for reflection on accounts of financial accounting by credit institutions of separate assets and liabilities in foreign currency in the conditions of action of measures of restrictive nature

This Instruction based on part one of article 57 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)", parts 6 of article 21 of the Federal Law of December 6, 2011 No. 402-FZ "About financial accounting" and according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of March 17, 2023 No. PSD-11) establish procedure for reflection on accounts of financial accounting by credit institutions of separate assets and liabilities in foreign currency in the conditions of action of the measures of restrictive nature entered by foreign state, national association and (or) the union and (or) the public (interstate) institution of foreign state or national association and (or) union concerning the Russian Federation, citizens of the Russian Federation or the Russian legal entities.

1. Credit institutions reflect in financial accounting assets in foreign currency with which because of the measures of restrictive nature entered by foreign state, national association and (or) the union and (or) the public (interstate) institution of foreign state or national association and (or) union concerning the Russian Federation, citizens of the Russian Federation or the Russian legal entities (further - measures of restrictive nature), making of transactions or transactions is limited (further - the blocked assets), in the same balance sheet accounts of the second procedure for the Chart of accounts of financial accounting for credit institutions and procedure for its application provided by appendix to the Provision of the Bank of Russia of November 24, 2022 No. 809-P "About the Chart of accounts of financial accounting for credit institutions and procedure for its application" <1> on which similar assets are considered, concerning which measures of restrictive nature are not entered.

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<1> It is registered by the Ministry of Justice of the Russian Federation on December 29, 2022, registration No. 71867, with the changes made by the Instruction of the Bank of Russia of March 23, 2023 No. 6380-U (it is registered by the Ministry of Justice of the Russian Federation on April 24, 2023, registration No. 73130).

2. If the credit institution has no methods of compensation of the blocked assets reflected by credit institutions in accounts on accounting of the means placed on correspondent accounts of NOSTRO, requirements for the granted interbank credits and other requirements to credit institutions in foreign currency of the states specified in the list of foreign states and the territories, making concerning the Russian Federation, the Russian legal entities and physical persons unfriendly actions <1> (further - the unfriendly states), requirements, including for granted loans and acquired debt and to equity securities, to borrowers (partners) - residents of the unfriendly states, investments in the affiliated organizations registered in the unfriendly states, pending payments on bonds which are blocked in the foreign organizations having the right according to their personal law to perform accounting and transition of the rights to securities, such assets are recognized the non-refundable blocked assets.

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<1> No. 430-r is approved by the order of the Government of the Russian Federation of March 5, 2022.

3. The non-refundable blocked assets, and also obligations which are acknowledged in financial accounting in connection with reflection of the non-refundable blocked assets (further in case of joint mentioning - the non-refundable blocked assets and liabilities) are reflected credit institutions in the following procedure:

3.1. The cost of the non-refundable blocked assets and liabilities which are registered on the date of entry into force of this Instruction on personal accounts of financial accounting (further - personal accounts) in foreign currency, from the effective date this Instruction is transferred to personal accounts in rubles on the official rate of foreign currency in relation to the ruble established by the Bank of Russia according to Item 15 of article 4 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (further - the official rate), operating for December 31, 2023.

3.2. The blocked assets, and also obligations which are acknowledged in financial accounting in connection with reflection of the blocked assets 3 presents of the Instruction which are registered on the date of entry into force of this Instruction on personal accounts in rubles and being the non-refundable blocked assets and liabilities according to Item 2 and paragraph one of Item, continue to be considered on the same personal accounts in rubles.

3.3. If measures of restrictive nature are entered after entry into force of this Instruction, the non-refundable blocked assets and liabilities are reflected in personal accounts in rubles on the official rate operating for date of their blocking.

3.4. The non-refundable blocked assets and liabilities in foreign currency recognized in financial accounting after the date of entry into force of this Instruction are reflected in rubles on the official rate operating for date of their blocking.

4. Credit institutions transfer the cost of the blocked assets which are not the non-refundable blocked assets and obligations which are acknowledged in financial accounting in connection with reflection of the blocked assets which are not the non-refundable blocked assets, registered on the date of entry into force of this Instruction on personal accounts in rubles on personal accounts in foreign currency on the official rate operating for December 31, 2023.

5. The non-refundable blocked assets and liabilities provided by subitems 3.1 and 3.2 of Item 3 presents of the Instruction are reflected in financial accounting of credit institutions in rubles without recalculation of their cost in connection with changes of the official rate.

6. This Instruction is subject to official publication and becomes effective since January 1, 2024.

7. From the date of entry into force of this Instruction to declare invalid the Instruction of the Bank of Russia of June 15, 2022 No. 6155-U "About procedure for reflection by credit institutions in the conditions of action of measures of restrictive nature on accounts of financial accounting of separate assets and (or) obligations in foreign currency" <1>.

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<1> It is registered by the Ministry of Justice of the Russian Federation on July 14, 2022, registration No. 69278.

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