Moscow Exchange to launch "In" accounts for foreign investors in December
The National Clearing Centre (NCC, part of the Moscow Exchange Group) gave a presentation for banks and brokers on 24 October to unveil the workings and launch date of "In" accounts, which were introduced by presidential decree. This was reported by RBC Investments, citing the NCC documents and financial market sources.
"In" accounts were introduced by a 1 July 2025 Presidential Decree on Additional Guarantees for the Rights of Foreign Investors. They are intended for foreign investors and are covered by guarantees for the purchase of Russian company securities. The accounts will allow fund transfers abroad, including investment income, but no cash withdrawals. Investment will only be possible using new money deposited into "In" accounts.
According to the NCC presentation, the "In" accounts are currently undergoing internal testing, with a full launch planned for 8 December 2025. The presentation also outlined how the special accounts will initially be launched.
"In" client accounts and trust management accounts will be opened for non-resident investors. Foreign account holders will have access to transactions on the stock, currency, and deposit markets with the central counterparty (a Moscow Exchange entity that conducts settlements and guarantees the execution of transactions).
However, trading on the derivatives market, the standardised derivative financial instruments (SDFI) market, and the precious metals market will not be available to "In" account holders. Access to the derivatives market will be implemented in a "second stage," but the specific timing of its launch was not given in the presentation documents.
In addition to client accounts (denoted by the letter L) and trust accounts (denoted by the letter D), non-residents will be able to open "own accounts" (S), according to the documents. One source explained to RBC Investments that these accounts will only be available to foreign companies that already have a direct account with the National Settlement Depository (NSD). However, the accounts only allow participation in transactions on the deposit market with the central counterparty.
The Bank of Russia's press service told RBC Investments that the establishment of the "In" accounts, along with requirements for the operation of credit institutions and non-credit financial institutions, was the starting point for handling new investments from non-residents. "Regulations already allow transactions to be carried out on the money, currency, stock and derivatives markets. Financial market participants are working to ensure that the technology is ready to serve non-residents again," the Bank of Russia said.
No applications from foreign investors to open "In" accounts have been received yet, Central Bank deputy chairman Philip Gabunia said in late September. Experts say that the introduction of the new accounts does not eliminate the high level of uncertainty over possible payment blocks as part of counter-sanctions and changes to capital repatriation rules. Holding of Russian assets is prohibited for some foreigners due to sanctions.