OBS_VALUE: Up to 2024, branches of foreign banks were prohibited. As from August 2024, foreign banks can open branches in the RF, subject to their compliance with certain conditions established by law. Such requirements include prohibition to act through bank payment agents and subagents; to carry out banking operations with individuals, including those registered as individual entrepreneurs, as well as to engage in production, trading and insurance activities (with several exceptions). Branches are mandated to locate on the territory of the Russian Federation software and hardware that ensures the recording, processing and storage of information related to the activities of a branch of a foreign bank.