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Monday April 18, 12:52
Russian official: we do not allow foreign banks to open filials in Russia
(by Dr. Goldfinger)
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Russia once again refused to give foreign banks an access to the Russian banking by allowing them to open filials on Russia’s territory, according to the Russian Central Bank senior official.
Andrei Kozlov, first deputy chairman of the Russian Central Bank, said Monday Russia would not allow foreign banks to provide services to Russian clients across borders while staying outside of Russia.
The demand comes from the US that stressed the need of such move for Russia to enter the World Trade Organization. “We believe the WTO doesn’t make it necessary to give preferences to foreigners on one’s own national territory,” said Kozlov. “It only levels off the privileges the local organizations enjoy compared with foreigners, but the WTO doesn’t require putting foreigners into better conditions”.
The subsidiary banks also create equal competitive conditions both to Russian and overseas banks, Kozlov said. The 100% subsidiaries are already opened in Russia by such foreign banks as Citibank, Raiffeisen Bank Austria and Societe Generale Vostok.
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