Russia is still against the opening of offices of foreign banks in its territory, Russian Economic Development and Trade Minister German Gref declared at an investment conference. "We suggest that foreign banks incorporate subsidiaries, as otherwise, we would face huge problems with maintaining a due level of regulation," the minister remarked. Gref pointed out that some countries had been insisting on opening offices of their banks in Russia during the WTO talks. Russia has so far managed to convince its partners in the negotiations to found subsidia

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ries instead of opening offices, Gref added. According to the minister, this issue is being discussed with the USA now. American representatives suggest that Russia introduce the same requirements for such offices as for subsidiaries of banks. "This makes absolutely no sense, as all regulations relating to supervision would then apply not to these offices but to their parent companies," Gref underlined. The minister added that Russia had already had some negative experience in this connection, and the government would like to avoid repeating it.

rbc