There are two regulatory authorities when it comes to licensing Russian Forex brokers besides the Central Bank of Russia.
Just like in most countries, every financial activity is supervised by a regulatory body which partakes in evaluating actors and conditions to ensure a proper functionality of the market.
Forex trading Russia has seen a somewhat recent change in regulation regarding its main entity, and understanding it is crucial to understand the current market situation.
The first financial regulator was the Federal Financial Markets Service, or FFMS. It was tasked to draft regulations for Russian Forex brokers, which were drafted back in 2008.
Nevertheless, the FFMS was dissolved in 2013, and its functions were passed directly to the Central Bank of Russia, as stated previously.
There is yet another body that acts as a supervisor to Russian Forex brokers, and that is the Financial Markets Relations Regulation Center (or FMRRC), but it is an agency that functions completely segregated from the Russian government to evaluate institutions dealing with securities, CFDs, and derivatives.