Answering a question on whether Russia's joining the WTO would cripple Russian agriculture and other sectors, the Russian leader said: "There is no such danger. The WTO has many problems, many agreements between the organization's member countries are not implemented, and we know this."
Putin said the WTO today is "a quality certificate" that creates favorable conditions for investment. He said Russian experts believed this would boost the economy and increase availability of higher-quality products at lower prices.
Putin said Russia would not agree with WTO accession terms it deems unacceptable, for example allowing foreign banks to open branches in Russia, at least for the foreseeable future, to avoid capital flight and money laundering.
Russia currently allows foreign banks to open subsidiaries, which are subject to Russian law, in the country, but not branches, which fall under the jurisdiction of the banks' home nations.
