World leaders gathered in Toronto for Sunday's G20 summit have agreed to disagree on introducing a tax on banking activity, Canadian broadcaster CBC reported, citing a draft of the final communique.
A number of Western countries want to levy a charge on financial institutions to raise funds to be spent by states to support banks in times of crisis.
Russia opposed a broad application of the tax, arguing that it would threaten could lead to negative consequences for the availability of credit and services.
Several other countries are also against the idea, including host Canada and China.
According to CBC, the draft final communique states that individual countries will decide whether to impose additional burdens on the financial sector, while ensuring that they will not be passed on to consumers and not increase the cost of financial services.
TORONTO, June 27 (RIA Novosti)
