Requirements for banks issuing bank guarantees that secure applications and contracts under Law No. 44-FZ may be mitigated
The Ministry of Finance of the Russian Federation has prepared a draft of amendments to paragraph 1 of the Decree of the Government of the Russian Federation No. 440 dated April 12, 2018, according to which requirements are defined for banks issuing bank guarantees to customers to secure applications and execution of contracts. Thus, the Ministry proposes to exclude from this paragraph the requirement that the bank has its own funds in the amount of at least 300 million rubles, calculated according to the methodology of the Bank of Russia, as of the last reporting date.
Thus, if the project is approved by the Government of the Russian Federation, the only requirement for banks issuing bank guarantees to procurement participants will be the availability of an appropriate credit rating.