MOSCOW, September 10. /TASS/. Russia and Belarus have agreed on mutual admission of banking and insurance organizations to the financial markets of the Union State, according to the joint statement of Prime Ministers of Russia and Belarus Mikhail Mishustin and Roman Golovchenko on the current development and further steps to deepen the integration processes within the Union State.
"The parties agreed to harmonize the regulation of the financial market, in particular leasing organizations and microfinance institutions, as well as the mutual admission of banking and insurance organizations to the financial markets of the Union State," the document said.
Russia and Belarus also agreed to harmonize the rules for opening bank accounts by residents in non-resident banks, conducting foreign exchange transactions, as well as requirements for the repatriation of foreign exchange earnings.
According to the document, the parties will improve the mechanisms of cross-border exchange of financial information between Russian and Belarusian credit institutions and legal entities, develop cooperation on issues of fast payments, transfer of financial messages and settlements, supervision of participants in the payment services market, and the development of financial technologies.
In addition, the joint statement indicated that the countries will work to harmonize the requirements for protecting the rights of consumers of financial services and investors and to prevent unfair practices.