MOSCOW, April 23 (RAPSI) – Russia’s government has developed a bill seeking to prohibit banks to decline their clients requests for bank operations or to block their accounts without giving a reason of such refusals, the respective amendments are to be discussed at a Cabinet meeting, according to Prime Minister Mikhail Mishustin.

Currently, the Chair of the government notes, banks have the right to decline clients’ requests and even to block their accounts in case they fail to present a document confirming their bona fide status without providing any explanation. As a result, citizens barred access to their accounts, or bona fide businesses precluded from conducting their operations may be affected, Mishustin observes.

The bill is to streamline the decision making mechanism as concerns this issue; if it is adopted, banks will not be able to terminate client contracts or decline customers’ requests to carry out operations without giving a valid reason.

In order to protect interests of individuals, a new provision is to be introduced, which prohibits banks to refuse opening bank accounts for them with the exception of cases where after due diligence examinations banks reasonably suspect laundering of criminal gains or financing of terrorism.

The government expects that the bill is to improve the standing of honest entrepreneurs, according to Mishustin.