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No bans on Russian state companies’ operations through foreign banks

June 26, 2014, 16:06 UTC+3 MOSCOW
The government and the Central Bank is obliged to determine the criteria crucial to the proper protection of the assets of state-run or strategic companies, Russian Finance Minister says
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Russia's Finance Minister Anton Siluanov

Russia's Finance Minister Anton Siluanov

© ITAR-TASS/Alexander Astafyev

MOSCOW, June 26. /ITAR-TASS/. There will be no bans on the operation of Russia’s state-run companies through foreign banks, Finance Minister Anton Siluanov has told a news briefing on Thursday.

“A draft of amendments to the law on banking activity has been finalized. They identify a list of companies that have strategic importance for the Russian economy. Also, they establish a list of transactions that banks perform with such companies. The government and the Central Bank is obliged to determine the criteria crucial to the proper protection of the assets of state-run or strategic companies,” Siluanov said. “These criteria are yet to be established by the government and the Bank of Russia. In the first place this will apply to the amount of the bank’s own funds and the size of capital.”

“The bill in question establishes no bans on the operation strategic companies’ transactions with foreign banks or settlements under foreign contracts,” Siluanov said.

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