Russia marking day of defeat of Nazi forces in world’s biggest-ever armor operationSociety & Culture August 23, 3:18
Ukrainian president briefs other Normandy Four leaders about his trip to DonbassWorld August 23, 2:23
Normandy Four leaders support expected ceasefire in Ukraine — KremlinRussian Politics & Diplomacy August 23, 0:27
Russia beggining development of response to new anti-Russian sanctions by USRussian Politics & Diplomacy August 22, 23:14
Investigators claim to have enough evidence to prove Serebrennikov guilty of fraudRussian Politics & Diplomacy August 22, 21:35
Washington tries to use events in Khan Shaykhun to justify its strike on Syria — MoscowRussian Politics & Diplomacy August 22, 21:31
Egypt to receive 15 Russian 'Alligator' helicopters in 2017Military & Defense August 22, 19:57
Christophe de Margerie LNG tanker covers Northern Sea Route in record 6.5 daysBusiness & Economy August 22, 19:32
Kirill Serebrennikov dismisses fraud accusations as absurdSociety & Culture August 22, 19:18
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.