Banks and BNPL payment services criticized the draft law regulating installment payments in Russia; Yandex Market will offer entrepreneurs wholesale purchases from China; we round up the top news for business on September 13.

Yandex Market to offer businesses bulk purchases in China, marketplace criticised regulation of installment plans: 13 September
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Finance

  • Banks and BNPL payment services have criticized the draft law on the regulation of installment payments in Russia, RBC writes. They oppose introducing a limit of 15 thousand rubles for installment plans without overpayments and propose raising it to 60 thousand.
  • August 2024 was a disaster for the credit card segment. For the past four years, bankers have been recording a steady increase in their indicators in this month compared to the previous month, but this year the issues have decreased, Kommersant writes.
  • The Board of Directors of the Bank of Russia decided to raise the key interest rate by 100 basis points – to 19% per annum. The rate increase was announced on Friday, September 13.
  • The Bank of Russia has allowed a further increase in the key rate due to high inflation and consumer demand; the next decision will be made on October 25.

  • The Bank of Russia has issued an order to subsidiaries of European banks, prohibiting them from refusing clients to make currency transfers, the head of the regulator, Elvira Nabiullina, announced this at a press conference following a meeting of the Central Bank’s Board of Directors.

Russia

  • The Ministry of Industry and Trade of the Russian Federation has decided to resume programs to stimulate demand for cars. In 2024, 6.5 billion rubles will be allocated for preferential car loans and 8 billion rubles for the preferential leasing program.

  • The increase in the key rate by the Bank of Russia from 18 to 19% will significantly reduce the volume of mortgage lending, as developers and banks will most likely not be able to subsidize it at a level acceptable to consumers.

  • The creation of a 5G network in the capitals of the regions of the Russian Federation by 2030 using Russian equipment could cost 629 billion rubles, of which only 27 billion rubles can be allocated from the country’s budget.

  • Citibank’s last retail branch in Russia will close in Moscow on November 15. The bank strongly recommends that customers consider “other options for placing funds” and asked them to complete all necessary transactions before this date.

  • The Ministry of Transport has submitted a draft law on state registration of electric scooters, electric bicycles and other personal mobility devices (IM). The document is published on the portal of regulatory legal acts.
  • Avito has launched a program for buying used laptops from sellers. The service is implemented with the participation of partners and is currently available in 174 cities, the Avito press service reports.

Technologies

  • The first batch of Apple’s most expensive smartphone was sold out in 18 minutes. All iPhone 16 Pro Max models were sold out almost instantly. This is indicated by the delivery time of the device.

Business

  • The joint venture Wildberries and Russ announced that VB Development has failed to fulfill its contractual obligations and owes 30 billion rubles, TASS reports.
  • Yandex Market will begin offering wholesale purchases from China to entrepreneurs amid difficulties with cross-border payments, RBC has learned.
  • The Moscow Arbitration Court has found Yandex’s income tax reduction by 1.67 billion rubles unjustified.
  • Russian legal entity of the Ozon marketplace, Internet Solutions LLC, has held a tender for the rental of servers until the end of 2025 in 14 foreign countries, including Israel, Turkey, Serbia and China, RB.RU reported. The expert believes that this decentralization is necessary to increase the stability of the system.
  • Following a warning from Russia’s Federal Antimonopoly Service (FAS), the Ozon marketplace has made adjustments to its interaction with sellers.

  • Marketplace “Megamarket” announced the opening of a warehouse on the site of a former store of the Swedish chain IKEA in the Moscow region, located in Khimki. On its basis, they are now testing express delivery of goods to neighboring districts of Moscow.


  • Swiss company Nestlé, which has suspended its investments in the Russian Federation, has registered the Nesquik trademark with Rospatent. The trademark protection for cocoa and cocoa-based beverage products will be valid until August 2034.
  • Vkusville became the owner of four franchisees of the Anderson coffee chain, whose main assets and brand were purchased from the chain’s founder Anastasia Tatulova (recognized as a foreign agent) in November 2023, according to data from the Unified State Register of Legal Entities.
  • Samolet developer has sold its entire stake in Darkstore at Home delivery service to Malina VC venture fund. The fund’s stake in Darkstore at Home capital has increased from 5.3% to 7.4%, the participants in the transaction told RB.RU.
  • UAE sovereign wealth fund Mubadala has invested in Nikolai Storonsky’s fintech startup Revolut. The fund bought part of a stake worth $500 million, which Revolut employees sold in August, the Financial Times writes.

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RB Team

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.

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