President
Vladimir Putin has signed a government-sponsored law banning foreign banks from
opening branches in Russia, PRIME reported on Friday, citing a post on the
government legal information website.
The
bill was adopted by the State Duma on February 22 and approved by the
Federation Council on March 6.
The
bill amends some of the existing Russian banking laws as part of a strategy to
develop the Russian banking sector until 2015 and consolidates the agreements
reached by Russian negotiators during consultations on Russia’s accession to
the World Trade Organization (WTO).
The
law excludes branches from the definition of the banking system in Russia. It
also removes the phrase “branches of foreign banks” from articles on the state
registration of credit institutions with foreign investments and on additional
requirements for their establishment and activity.
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