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MOSCOW, July 14. /TASS/. China’s Dagong rating agency will be able to work in Russia on condition of setting up a subsidiary, First Deputy Chairman of the Bank of Russia Sergey Shvetsov said on Friday on the air with Rossiya 24 TV Channel.
"The Russian legislation assumes a Russian rating agency’s rating is given by a legal entity registered in the territory of the Russian Federation irrespective of the shareholder. If Dagong decides to enter the Russian market, it should register a subsidiary here, undergo all procedures prescribed by law and will be eventually able to furnish such information," the banker said.
Dagong intends to open a representative office in Russia before 2017 year-end, chief executive of the rating agency Guan Jianzhong told TASS earlier.
Dagong Global Credit Rating agency was founded in 1994. All its ratings are recognized by the government of China.