Russia is getting its banking legislation into conformity with Western standards. A national network to combat money laundering was established last year. Banks guilty of underhand deals have their licenses revoked. "The first fruit of our efforts is already available. The Central Bank delicenses a bank or several banks week in, week out-and no one gets alarmed over the proceedings," said Mr. Kudrin.
He hopes Russia will have ever more banks with overseas capital participation. The Russian law taboos the presence of overseas banks' branches, but welcomes the establishment of banks with hundred per cent overseas capital, specified the minister.
Overseas capital investment in the Russian economy amounted to US$19 billion within the year's first half.
As for a raging controversy round the Yukos petroleum mammoth, Mr. Kudrin blamed its majority stockholders for a great deal of suspense. "The market situation is very vague, and we owe a great deal of that vagueness to big holders," he remarked while reminding to his audience repeated reassurances from the federal top that the state was not out to ruin the Yukos.
The minister called to wait for Yukos asset evaluation to finish, though big stockholders are sure in advance the prices will be appointed wrongly. Meanwhile, transnational experts are going on with the job, and the Finance Minister is sure it will be duly transparent.
