Putin signs law banning foreign banks from opening branches
President Vladimir Putin has signed a government-sponsored law banning foreign banks from opening branches in Russia, RIA Novosti reported, citing a statement by the government’s website last week. The bill was adopted by the State Duma on February 22 and approved by the Federation Council on March 6. The bill amends a number of existing Russian banking laws as part of a strategy to develop the domestic banking sector by 2015, and consolidates the agreements reached by Russian negotiators during talks on Russia’s accession to the World Trade Organization. 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 investment and on additional requirements for their establishment and activity. Foreign capital in the Russian banking sector is held in subsidiaries of foreign banks, registered in accordance with Russian legislation.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.