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. Last Updated: 07/27/2016

New Rules Required to Join Forum

Finance Minister Alexei Kudrin said Saturday that the country would have to enact a number of financial markets standards to comply with the rules of an international oversight body that it joined last week.

A G20 meeting decided Thursday to replace the Financial Stability Forum with the Financial Stability Board, which will have expanded powers. The 42-seat forum voted to widen its membership last month and will now include all Group of 20 countries, Spain and the European Commission.

Russia will have to set clear rules for the differentiation of financial institutions, such as banks and financial companies, Kudrin told Prime Minister Vladimir Putin. The rules will describe allowable risks and introduce governance principles, he said.

The Financial Stability Board shares an acronym with the Federal Security Service, or FSB as it is known in Russian. Reacting to Kudrin's mention of the new name for the international organization, Putin, a former head of the agency, joked, "No matter what they do, they always come up with an FSB."

Kudrin also said the government was getting a handful of amendments from the State Duma that could improve this year's budget by the second reading. The Duma will consider the budget in a first reading at a special session Monday at which Putin is also scheduled to speak.