‘Some administrative quarrels between two parties cooperating under an agreement will occur every once in while, yet this case is quite unique in that these parties got the Association of Regional Russian Banks and the Federal Insurance Surveillance Agency involved in their conflict for no apparent reason. These authorities do not facilitate the conflict resolution and only breed extra rumors; the only thing they can do is provide moral justification for one of the parties involved but no tangible support. Moreover, they also create the unnecessary hype around the issue,’ the Director of the Ural branch of Accord Invest Insurance Company Konstatin Selyanin said to UrBC representative.

‘The only practical thing to do here is to place a claim with the court, as this is the only legal body that can take a professional decision about this clash,’ Mr Selyanin said.

‘This dispute is bound to damage the reputation of both companies. In cases like this, the public soon forgets about the heart of the matter but remembers the clash itself, which negatively affects the success of the companies,’ he said.