Head of Russian banking group VTB Andrei Kostin is against the implementation of additional taxes in the banking sector, a policy on the agenda of the G20 business summit currently underway in Toronto.
A number of G20 countries are proposing taxes and levies on financial transactions as compensation for the financial aid given to banks by governments during the financial crisis and insurance against further crises.
"I see no reason for Russia to do this because Russian banks do not engage in the same activities [as Western banks] and their activities did not lead to those consequences (financial crisis)," Kostin, who is taking part in the G20 business summit said.
"Additional taxes create problems and additional costs for the banking sector, which consequently affect the cost of banking services," he added.
He said, however, that the proposal could have a positive effect on Russian banks.
"I think these measures could make everyone equal because our monitoring has always been stricter and more rigid. They may also play a big role for us in terms of competition."
A working group of two businessmen from each of the G20 countries will discuss items on the summit's agenda on Saturday. The businessmen will later meet for discussions with the G20 finance ministers.
"We will get the opportunity to try to develop a common position, or at least convey our views to the ministers," Kostin said.
TORONTO, June 26 (RIA Novosti)
