CB Russia Tightens BNPL Rules: New Ownership Limits from 2026
The Central Bank of Russia (CB) is set to introduce significant changes in the regulation of Buy Now, Pay Later (BNPL) services. The new rules aim to enhance transparency and control over these news operators, with a focus on their ownership structures. From April 1, 2026, a new law 'On the Activities of Providing an Installment Plan Service' will come into effect, bringing BNPL services under the same ownership control mechanisms as traditional credit organizations. The CB plans to establish a list of 38 states and territories where a legal entity cannot have more than 10% ownership in a BNPL news operator. This includes popular offshore jurisdictions such as the Bahamas, Bermuda, the British Virgin Islands, and others. The restriction extends to legal entities with less than 10% ownership but part of a group that collectively owns more than 10% of the BNPL news operator. This move is designed to prevent circumvention of ownership limits through complex corporate structures. BNPL news operators will be required to provide the CB with detailed information about their shareholders and influential persons within ten working days of notification. The CB's new regulations, set to commence in 2026, will significantly impact the ownership landscape of BNPL services in Russia. By extending traditional control mechanisms to these news operators, the CB aims to increase transparency and strengthen oversight in the sector.
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