National Capital
Sun, Aug 09, 2026, 11:01
The EAEU is moving toward a more interconnected payments space through the unification of banking rules
2026/08/02, 05:05
On April 27, 2026, the Council of the Eurasian Economic Commission recommended coordinated approaches to the admission of banks to the common financial market of the Union to the EAEU member states (Source: EEC, 27.04.2026). This concerns banking unification, the significance of which goes beyond granting financial institutions access to the markets of EAEU countries. The convergence of rules governing banks and payment intermediaries creates the foundation for a more interconnected payments space, as the stability of cross-border settlements depends on the comparability of requirements across different jurisdictions.
The April recommendation continues the line set at the end of 2025. In December, the Supreme Eurasian Economic Council approved key approaches to the formation of the EAEU common financial market, including regulatory harmonization, mutual recognition of licenses, the possibility of cross-border provision of financial services without establishing a separate legal entity, and cooperation among national regulators (Source: EEC, 21.12.2025). The admission of banks to the markets of EAEU countries is linked to specific requirements regarding capital, organizational and legal form, business reputation, management, and cross-border establishments. For the payments space, the convergence of requirements for participants in the settlement infrastructure becomes crucial, since it is precisely regulatory differences that complicate correspondent relationships, access to local payment channels, and settlements in national currencies.
The latest recommendations specify which requirements should be aligned for the admission of banks to the EAEU common financial market. They cover the organizational and legal form of a bank, types of banking operations, requirements for capital, founders and beneficiaries, as well as procedures for assessing business reputation, financial standing, and the sources of funds. Separate attention is given to requirements for executives, members of the board of directors, the chief accountant, risk management, internal audit, internal control, and AML/CFT units, including education, professional experience, business reputation, and approval procedures (Source: Recommendation of the EEC Council No. 1, 27.04.2026).
A separate section concerns cross-border establishments. The document provides that the procedure for establishing subsidiary banks and branches should take into account the consent or notification of the supervisory authority of the home country. For banks with a standardized license, upon admission to the Union’s common financial market, a separate authorization to establish a subsidiary bank in another EAEU country may not be required if this is закреплено in an international treaty. The Recommendation applies from the date of its publication on the Union’s website (May 26, 2026) and should be taken into account by the member states when preparing international treaties and improving national banking legislation (Source: Recommendation of the EEC Council No. 1, 27.04.2026).
As a result, a more comparable regulatory environment is being formed for banks and settlement intermediaries within the EAEU. With the consistent implementation of these approaches, the Union’s member states will have the opportunity to strengthen payments connectivity, expand settlements in national currencies, and move toward deeper integration of financial infrastructure.
Author: Assistant at the Department of World Economy and World Finance, Financial University under the Government of the Russian Federation, Nikita Dmitrievich Klevanets.
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