New Law: No More Bank Commission for Utility Payments in Russia – Impact on Citizens and Banks

2023-12-07 10:27:00

In the third reading, the State Duma adopted a law according to which credit organizations, banks, and payment agents will no longer charge a bank commission when paying for housing and communal services. State Duma Speaker Vyacheslav Volodin announced this.

“Utility payments are a mandatory monthly part of expenses, for many the commission is noticeable,” Volodin wrote in on your telegram channel. He added that this law will help ensure social protection of people and reduce the financial burden on them.

The norm of this law will be targeted. It will affect those people who need social support. The Government of the Russian Federation will establish a complete list of categories of such citizens.

Previously Russian banks spoke out once morest abolition of commissions for housing and communal services (HCS). In their opinion, this might negatively affect the operation of payment services. In the future, this will affect the quality of bank transfers.

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