December 23, 2013. Starting January 1, 2014, the Federal Act 44-FZ on Contract System in the Field of Government & Municipal Purchases of Goods, Work, and Services dated April 5, 2013 will come into effect. The new law sets out a single standard for such civil law contracts. Under the legislation, online trade operators will be allowed to open accounts to control the money coming in from the purchasers in the form of security, but these accounts will have to be opened with the certain financially stable banks whose list must be confirmed by the Russian Federation Government, SKB-Bank’s press service reports.

The Russian Federation Government adopted such a list, with 51 banks on it, on October 30, 2013. This list comprised only the most reliable Russian banks, as ‘they were selected on the basis of the financial stability requirements set out by the Russian Federation Government.’ The list was confirmed by the decree of Russian Prime Minister Dmitri A. Medvedev. SKB-Bank was among those most dependable banks and was actually one of the few banks registered in Sverdlovsk Region that made it to this list.

The Government Decree 1999-R was carried on the legal information portal Garant.