New rules on children's banking transactions will come into effect in Russia on July 1.

On July 1, the requirement for parental control over accounts and deposits of minors will come into force in Russia. This was reported on June 27 by TASS with reference to the law "On Banks and Banking Activities."

Credit institutions will be required to provide information about the financial assets of clients between the ages of 14 and 18 to their legal representatives — parents, adoptive parents or guardians. An exception is provided only for those cases when a minor has entered into a legal marriage or has undergone an official emancipation procedure.

The new rules are aimed at providing additional protection for the interests of citizens under the age of 18. It is expected that the measure will improve their financial security.

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On March 13, Natalia Model, a teacher of the highest category, a methodologist and a specialist in preschool financial literacy, told Izvestia about the rules for giving pocket money to children. According to her, the first money can be trusted by a child as early as six or seven years old, if he understands what they are needed for and is able to make a simple purchase on his own.