Russia cuts oil output by 200,000 barrels a dayBusiness & Economy March 30, 8:09
Russian historical epic Viking to be released in Italy, UKSociety & Culture March 30, 2:11
Putin visits ice cave during Arctic tourSociety & Culture March 30, 0:02
Moscow slams West’s reaction to Russian protests as part of long-planned campaignRussian Politics & Diplomacy March 29, 23:56
Putin orders Defense Ministry and FSB to ensure protection of Russia’s interests in ArcticMilitary & Defense March 29, 21:46
Kiev aware of few chances to win in debt lawsuit case — envoyBusiness & Economy March 29, 20:52
Russian top diplomat dismisses claims about human rights violations in Crimea as liesRussian Politics & Diplomacy March 29, 20:23
Moscow suspects Jabhat al-Nusra could be used to topple AssadRussian Politics & Diplomacy March 29, 19:58
Lavrov reiterates there are no facts substantiating Iran’s links to terroristsRussian Politics & Diplomacy March 29, 19:40
MOSCOW, March 15 (Itar-Tass) – Russian President Vladimir Putin has signed the law introducing a ban on the opening of branches of foreign banks in Russia, the Kremlin website reported on Friday.
According to the amendments, the notion of branches of foreign banks is removed from the Laws “On banks and Banking Activity,” “On the Central Bank of the Russian Federation (Bank of Russia),” “On Currency Regulation and Currency Control.”
The RF Government that proposed to introduce such a ban explains it by the impossibility for RF regulatory authorities to fully supervise operation of branches of foreign banks due to the fact that the order of functioning of branches of foreign banks does not fall within the jurisdiction of the Russian Federation. Such specifics of activity of foreign bank branches in the conditions of Russia’s WTO membership may negatively affect the competitiveness of Russian banks. The RF Government therefore considers it premature at the current stage to establish branches of foreign banks in Russia. This position was a condition of the negotiations on Russia’s accession to the WTO.
However, the ban on the opening of branches of foreign banks in Russia is actually already in place because of the absence of the order of their registration, set by the Bank of Russia, and at the moment not a single branch of a foreign bank has been registered in Russia.