German Gref, Russia's economic development and trade minister (file photo) (ITAR-TASS)
November 19, 2006 -- Russian Minister for Economic Development and Trade German Gref today said that subsidiaries of foreign banks will be barred from Russia.
He also said that Russia will open the market for subsidiaries of foreign insurance companies, but after a transition period of nine years.
Gref made his comments at an Asia-Pacific Economic Cooperation (APEC) summit shortly after Russia struck a deal with the United States that should clear the way for Russia to join the World Trade Organization (WTO).
Gref said Russia hopes to join the WTO in mid-2007.
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