{"id":49981,"date":"2013-03-15T09:56:22","date_gmt":"2013-03-15T09:56:22","guid":{"rendered":"https:\/\/armbanks.am\/2013\/03\/15\/237808\/"},"modified":"2024-12-15T13:03:00","modified_gmt":"2024-12-15T13:03:00","slug":"foreign-banks-banned-from-opening-branches-in-russia-now","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2013\/03\/15\/49981\/","title":{"rendered":"Foreign banks banned from opening branches in Russia now"},"content":{"rendered":"

YEREVAN, March 15. \/ARKA\/.<\/strong> President of Russia Vladimir Putin signed a bill banning foreign banks from opening their branches in Russia, PRIME agency reported Friday referring to the document.<\/p>\n

The State Duma adopted the bill on February 22 and The Federation Council approved it on March 6.<\/p>\n

Thus, as the law enters into force, the foreign banks will be only authorized to open subsidiaries in Russia instead of branches.<\/p>\n

The reason for the law was that the notion of \u201cbranches of foreign banks,\u201d unlike subsidiaries, were not subject to Russian jurisdiction.<\/p>\n

Hence they are not fully controlled by Russian regulators.They don\u2019t have to make deductions to Russia\u2019s reserve funds or submit statements based on international or Russian accounting standards to the Central Bank, Russia Today clarifies.<\/p>\n

Russian authorities think that such \u201cprivileges\u201d could harm the competitiveness of Russian banks.
\nThe current legislation simply limits foreign capital\u2019s participation in the Russian banking sector.<\/p>\n

The new legislation wants to see the word \u201cbranch\u201d excluded from the Russian banking system and the phrase \u201cforeign bank branches\u201d is banned from articles concerning registration of lenders with foreign capital.<\/p>\n

The government has prepared the bill in line with Russia’s entry into the World Trade Organization.\u20140-<\/p>\n","protected":false},"excerpt":{"rendered":"

President of Russia Vladimir Putin signed a bill banning foreign banks from opening their branches in Russia, PRIME agency reported Friday referring to the document<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[15418,12219,12146],"class_list":{"0":"post-49981","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-banks-en-en","7":"category-news","8":"tag-bank-en-2","9":"tag-branch","10":"tag-russia"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/49981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=49981"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/49981\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=49981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=49981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=49981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}