"I am convinced that it is not even a question of the next five years," Alexei Kudrin said at a ceremony celebrating Banker's Day, adding that "no domination of foreign capital could be expected in the next five years."
Russia, however, continues to block foreign banks from opening branches in the country in a drive to develop the sector and limit capital flight.
The minister said Russia had "secured the right to establish quotas on foreign capital" in the banking sector. "But the government is not using the quotas and has no intention of doing so," Kudrin said.
The minister said he was impressed with the performance of the banking sector.
He said the last six years had been successful, with the bank assets increasing 27%, own capital 20%, real sector loans 26%, loans to individuals 52%, and household deposits 20%.
"I can assure you that these are the highest indicators for any banking system," Kudrin said.
