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  Thursday, August 6, 2020
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President Vladimir Putin has promised support to Russian bankers and Western capital
“We shall further support not only our Russian businessmen working in the bank sphere but also Western capital that comes to us and works sufficiently successfully, he said at his meeting with Interros company chief Vladimir Potanin on Thursday. Putin added that foreign banks must set up in Russia their daughter companies, “be Russia’s legal entities and subordinate to Russian legislation”. “A sufficient number of banks with one hundred percent foreign capital work in Russia, and they feel comfortably enough in our country,” the president said. He said that this would “create a normal competitive environment on the Russian bank market that will develop this sector of the economy on the whole”. Putin promised political support to Interros in the promotion of its projects in Kazakhstan and Uzbekistan. Potanin asked for the support, saying that “it is easier to come to foreign markets at the back of the state”. Putin proposed to Potanin “to formulate concretely what is needed”. “I shall talk with the colleagues from Uzbekistan and Kazakhstan. I hope for their respective reaction. In the past, they supported the presence of Russian business,” the president said. Putin went on to say that during his Wednesday’s visit to Novosibirsk, “representatives of the bank community actively upheld their stances, including on forms of access of foreign capital to our Russian market”. He was interested to know Potanin’s view. Potanin said he was convinced that “strong organizations, banks are born in competition and one should not be afraid of competition”. Putin said the conference on the role of the bank sector in Novosibirsk that the “government agrees with the bank community that the activity of affiliates of foreign banks in Russia must be restricted and, in essence, banned”. “This is connected not only with competition, including with impossibility of watching the movement of money and capital in modern conditions, but also with the need for the struggle against terrorism. We shall not forget this. This is also connected with the need for the struggle against the laundering of criminally gotten money,” Putin said.
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