Zhuravlev: The law on credit ratings will be adopted in the near future

Nikolai Zhuravlev
© Press Service of the Federation Council

The law on credit ratings will be adopted in the near future, said Deputy Chairman of the Federation Council Nikolai Zhuravlev, speaking at a financial forum, follows from the message of the Chamber of Regions.

According to the Vice Speaker, legislators are actively working in this area. “The rating industry, along with the payment infrastructure, has become one of the key elements of the country’s financial sovereignty,” Zhuravlev explained. The laws necessary to create a domestic rating system were adopted in a timely manner, and now parliamentarians plan to develop this regulation.

Thus, in the near future, a law on credit ratings will be adopted as key criteria for financial organizations’ access to certain operations and the placement of state and quasi-state funds, Zhuravlev said.

The senator also noted the importance of the task of comprehensive transformation of the financial sector. “For this, we need a taxonomy of technological sovereignty, real-life legislation on state guarantees,” the vice speaker explained.

Now there are four rating agencies accredited by the Central Bank in Russia: Expert RA Rating Agency, National Rating Agency, Analytical Credit Rating Agency, National Credit Ratings.

Also read about what laws come into force in March.