Russia Passes Law Allowing Banks to Share Client Data with Third-Party IT Firms

The Russian State Duma passed a bill permitting banks to transfer limited-access client data, including bank secrecy and personal data, to third-party IT companies for processing. This marks a significant shift in Russia's data-protection stance, potentially easing restrictions for tech firms but raising privacy and security concerns. The move may be aimed at boosting domestic IT capabilities amid sanctions, but its implementation and oversight remain unclear.