Russian Central Bank to Scrutinize Banks’ Plans for Fees on Foreign Currency Accounts

Russian Central Bank to Scrutinize Banks’ Plans for Fees on Foreign Currency Accounts
The logo of Tinkoff Bank in Saint Petersburg, Russia, on June 2, 2021. Evgenia Novozhenina/Reuters
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Russia’s central bank said on Friday it would study the legality of plans by some banks to impose fees on foreign currency accounts, warning that lenders should not worsen conditions for existing clients.

Some major Russian banks plan to charge fees on retail accounts in dollars and euros after authorities floated the idea of negative interest rates for banks’ corporate clients’ foreign currency deposits, drawing the ire of customers.