Monday, March 18, 2013

Putin Bans Foreign Banksters


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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