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Bank of Russia developing bill enabling foreign banks to open offices in country

"Many countries show interest, first of all our traditional partners both within the BRICS framework and within the EAEU framework," Alexey Guznov said, adding that Russia’s task "is to create the best legal basis"

ST. PETERSBURG, May 11. /TASS/. The bill enabling foreign lenders to open offices in Russia is under development now, State Secretary - Deputy Governor of the Bank of Russia Alexey Guznov told reporters at the St. Petersburg International Legal Forum.

"[It is] under development, the discussion is underway," he said. "Considering the fact that there is a pattern that enables insurance companies to do it, this being one approach, there are also other proposals. So I expect public discussion already in near future," the official added.

There is an interest in opening offices in Russia, according to Guznov. "Many countries show interest, first of all our traditional partners both within the BRICS framework and within the EAEU framework," he said, adding that Russia’s task "is to create the best legal basis."

St. Petersburg International Legal Forum is a major platform for dialogue among members of the legal, business, political and law-enforcement communities on a wide range of issues focusing on how law can better serve the interests of people and businesses, as well as improvements to law-enforcement practices, the promotion of legislative initiatives to strengthen the legal culture, and socioeconomic-related regulation in today’s world. The forum is held by the Ministry of Justice of the Russian Federation and the Roscongress Foundation, in accordance with Russian Presidential Decree, until May 13.

TASS is the forum’s general information partner.

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