Banks will have to switch to Russian software in two to three years



July 1. FINMARKET.RU – Russian banks will have to switch to domestic software within two to three years, the Ministry of Digital Industry told Izvestia. According to the draft decree on the transition to domestic technologies, all objects of critical information infrastructure (CII), including banks, will have to use Russian software and equipment. Operation on foreign technologies is allowed if there are no domestic counterparts, the Ministry said. These changes will affect companies in all areas related to CII: healthcare, transport, communications, science, energy, finance, nuclear energy, defense industry and a number of others. Moreover, even if a suitable replacement for domestic solutions is not found, Russian companies will be updating, servicing and supporting foreign systems.

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