By Country / Russia
Russia Will Not Let Foreign Banks In
June 01, 2006
June 1, 2006 -- A senior Russian official today insisted Moscow will resist U.S. pressure to allow foreign banks to open branches in Russia.
Yekaterina Mayorova, a top negotiator in talks with the World Trade Organization, said the entry of foreign banks would make "competition absolutely unequal."
The United States has yet to agree to allow Russia to join the WTO. The issue of access to Russia's banking market is one of several sticking points in negotiations.
(AP, ITAR-TASS)