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. Last Updated: 07/27/2016

Banker's Request Shot Down

The Supreme Soviet will not act on domestic bank's demands that their foreign counterparts be locked out of the Russian market, Pavel Medvedev, chairman of the parliament's banking sub-committee, predicted Wednesday.

Medvedev told The Moscow Times that a draft law proposed by the Association of Russian Commercial Banks contains "very rough measures" designed to prevent competition.

The domestic bankers are arguing against the Russian Central Bank's proposal to license selected foreign financial institutions to open branches or subsidiaries in Russia.

Medvedev's banking sub-committee, which reports to the budget and planning committee, expects to decide on the matter within three weeks. But the chairman said it was unlikely the domestic bank's proposals would be formally discussed. The emerging Russian banks "need competition", he said.