On the basis of Article 13 of Federal Law No. 173-FZ dd 10.12.2003 «On Currency Regulation and Currency Control," non-residents on the territory of the Russian Federation have the right to open bank accounts in foreign currency and the currency of the Russian Federation only in authorized banks.

The banking system of the Russian Federation is a set of interrelated elements comprised of the Central Bank, lending agencies (the latter includes commercial banks and other credit establishments and settlement institutions that could be consolidated as holding companies), as well as banking infrastructure and banking legislation. The Federal statute ‘On Banks and Banking Activities’ of December 2, 1990 defines the concept of the banking system as follows: the banking system of the Russian Federation includes the Bank of Russia, lending agencies as well as branches and representative offices of foreign banks.

Currency control is the activity of the State aimed at ensuring currency legislation. Currency transactions are regulated by Federal law No.173- FZ «On currency regulation and currency control," Federal law No.86- FZ «On the Central Bank of the Russian Federation» and state authorities' regulatory acts.