The second largest Russian bank VTB declined to service American taxpayers. Thus, the bank intends to minimize the risks of the Russian bank customers that arise due to the need to obey the FATCA law (Foreign Account Tax Compliance Act), which requires the foreign banks to report information on U.S. clients to the U.S. tax authorities. FATCA tax information collection requires that foreign financial institutions must enter into an agreement with the U.S. federal tax agency to identify the accounts of the American taxpayers and provide information about them. The law, which will take effect from 1st of July, requires non-US banks to send data on the accounts of U.S. residents – individuals and legal entities to the tax administration. If banks don’t sign the corresponding agreement with the United States, then there will begin sanctions against them. All the payments in their favor, conducted using the correspondent accounts in the U.S. banks, the U.S. Internal Revenue Service (IRS) will hold 30% tax: first only from the passive income earned in the United States (ie. interest), and from 2017 – from the income of the sale of the securities and transit payments. For individuals, a reason for reporting to the IRS may even be the birthplace of the United States or regular transfers to a recipient in the United States. In addition, if the U.S. person owns at least 10% of a foreign company, IRS also requires disclosure about them. An incorrect presentation of the information may result in a fine from $10 thousand to $ 50 thousand. Russian banks are in a situation that those who have decided to fulfill the requirements of the U.S. FATCA, are threatened by the liability under the current Russian law for bank secrecy. In 2013, Russia, from the United States received $168 million in the favor of non-resident individuals, and from Russia to the U.S., non-resident individuals transferred $ 550 million.