Making it easier legally for foreign investors to take part in Russian banks’ capital fits in the general market liberalization trend

‘The introduction of the new bills that make it easier for the foreign investors to get involved in the Russian banks’ capital must be accompanied by two things simultaneously: firstly, this country’s banking system needs to become more liberalized, as the Central Bank keeps receiving a lot of unfavorable critique in terms of lacking any positive shifts in that respect, which actually means lacking capitalization opportunities. At the moment, we neither deal with the capitalization ourselves nor allow any foreign parties to do it. Secondly, Russia is about to enter the WTO, so the bills of this sort are actually brought in compliance with the general liberalization trends. One way or another, our market must open up for the foreign investors,’ the Director of Chelyabinsk Stock Internet Center Ltd. belonging to ALOR Group Alexei Vsemirnov said to UrBC representative, relating to the amendments to the Central Bank of Russia Act and the Banks and Banking Activities Act.

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