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. Last Updated: 07/27/2016

Banking Restrictions

MOSCOW () -- The State Duma passed a law on banking Friday that introduces, among other regulations, a range of restrictive conditions for the operation of foreign banks in Russia.

Under the law's most protectionist provision, the Central Bank can revoke a foreign bank's license if its country of origin does not comply with the "principle of reciprocity in respect of activities of Russian banks." Few Russian banks have been able to open up branches in foreign countries, where capital requirements tend to be higher than in Russia.

The law will face another, final, reading in the Duma on Feb. 10, when the legislators will be able to make minor editorial changes.