NOVOSIBIRSK, December 14 (RIA Novosti) - The Association of Russian Banks (ARB) is strongly opposed to foreign banks opening their affiliates in Russia, the ARB President said Wednesday.
Garegin Tosunyan said foreign banks should not be allowed to open affiliates in Russia as this undermines competition in the country's banking sector.
The issue is now being discussed as part of negotiations on Russia's accession to the World Trade Organization.
