RUSSIA NOT TO JOIN WTO THROUGH FULL LIBERALIZATION OF ITS FINANCIAL MARKET

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MOSCOW, November 2 (RIA Novosti) - Russia is not to go as far as liberalizing its market of financial services in light of WTO admission talks, said a government source this Tuesday.

The US chamber of commerce requested the other day that Russia should completely open its market of financial services, he said. He made a reminder that Russia had already come to an understanding with EU countries on the liberalization of foreign banks' access to the Russian market.

"Though it is not a full liberalization," said the source. He confirmed that Russia would extend the ban on opening foreign bank subsidiaries as well as retain quotas on the presence of foreign financial institutions on the Russian market.

Full liberalization in this sphere is out of the question because it undermines the development of the Russian financial market.

Touching upon the meat import quotas, the source said Russia would not renounce these quotas despite the discontent expressed by some WTO member countries.

"We have notified the USA and the European Union about the distribution of the quotas and they have agreed with our pattern," said the source. Some other countries, say Argentina, Brazil and Thailand said we were wrong."

Meanwhile, the countries discontent with the quota introduction do not deny that the measure corresponded to WHO regulations, according to the source. On the other hand, they consider that Russia has thus violated their commercial interests.

"We are behaving in accordance with WTO standards and want to say to our partners that if you are dissatisfied, revise your agreements," he said.

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