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Easier Banking for Armenians: Russia Simplifies Account Opening Procedures

Easier Banking for Armenians: Russia Simplifies Account Opening Procedures

The Russian government has streamlined the process for citizens of several countries, including Armenia, to open bank accounts and deposits in Russian financial institutions. Russian Prime Minister Mikhail Mishustin announced this development during a consultation with his deputies, highlighting the government's efforts to create a more business-friendly environment.

A recently signed order has established a list of 25 countries, including Armenia, whose citizens and legal entities can now open accounts and have deposits in Russian banks with simplified procedures. The initiative is part of the Russian government's broader strategy to facilitate foreign enterprises and businesses, aligning with the national goals outlined by the country's president.

"Creating more suitable conditions for foreign enterprises and businesses is an important part of the [Russian] government's coordinated activity towards achieving financial sovereignty, within the framework of achieving the national goals set by our president," noted Prime Minister Mishustin.

Armenia joins the ranks of nations like Azerbaijan, Algeria, Bahrain, Brazil, Egypt, India, Indonesia, Kazakhstan, Qatar, Kyrgyzstan, China, Kuwait, Malaysia, Mongolia, UAE, Oman, Pakistan, Saudi Arabia, Tajikistan, Thailand, Turkmenistan, Turkey, and Uzbekistan on the list of countries benefiting from this simplified banking procedure.

This development signifies a significant step towards expanding economic cooperation between Armenia and Russia. By easing the process of opening bank accounts and facilitating deposits, both nations are poised to enhance their financial collaboration, encouraging investments and business exchanges. As Armenian nationals now find it easier to engage in financial activities in Russia, this move is expected to strengthen economic ties and further bolster the longstanding friendship between the two countries.


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