Russia is winding up bilateral talks over its accession to the WTO. The United States is the only country with whom Russia holds a heated discussion primarily related to the financial services market. American authorities urge Russia to allow the opening of non-resident bank branches and insurance companies in Russia, making quotas for foreign holdings in the banking and insurance sectors unnecessary. The Russian negotiation party opposes branches but has found certain ways out for quotas, Russian Economic Development and Trade Minister German Gref has reported. Russia had earlier insisted that foreign holdings in the Russian aggregate capital of banks would not exceed 25%. Now, Russia has agreed on a 50% limit.
Source: VEDOMOSTI, February 20, 2006
