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. Last Updated: 07/27/2016

Break for Foreign Banks

MOSCOW -- Russia, as part of a long-awaited cooperation deal with the European Union, is expected to scrap curbs slapped on European banks by President Boris Yeltsin, senior Western diplomats said Tuesday. The restrictions, which imposed offshore status on licensed foreign banks and froze new foreign bank entry until 1996, might be lifted as early as Wednesday or Thursday, the diplomats said. "We are heading toward signing a cooperation and partnership agreement between Russia and the European Union, and this is linked to the banking issue," one diplomat said.