written and last updated by
Sam Smith at
01 Mar 2021
Journalist, Editorial Department
According to various Russian news sources, the authorities have decided to tighten restrictions on money transfers to foreign electronic wallets. Starting April 27, the MIR payment system will be required to reject any transactions intended for overseas financial agents. All banks in Russia have already received the relevant technological bulletin.
The primary aim of this government decision is to "reduce the risks associated with questionable money transfers." Reports indicate that the restrictions will also directly impact the gambling sector. Once the amendment takes effect, clients of online casinos will be unable to top up their accounts, potentially leading to significant issues for them.
Alma Obaeva, head of the National Payment Council, believes that this measure will help diminish the influence of the "gray market" of gambling services on the Russian economy. She noted that foreign accounts, to which Russians often transfer personal funds, may belong to illegal bookmakers, banned online casinos, or other representatives of the shadow gambling sector.
It is important to highlight that the Central Bank of Russia previously vetoed money transfers to foreign electronic wallets for the major payment system Yoomoney. The organization was also fined 11 million rubles for failing to comply with existing Russian legislation and facilitating cross-border operations that allowed funds to be transferred from Russia to online stores, including accounts of foreign online casinos and betting companies.
In December 2020, the Central Bank revoked the licenses of two banks—Fintech and Onego—over similar violations. They were accused of having opaque financial policies and conducting transactions on behalf of foreign agents.
It is worth noting that the Krasnaya Polyana casino complex lost over 680 billion rubles in 2020.
