Russian Banks May Receive Full-Fledged Licenses in China – Trade Representative

BEIJING (Sputnik) – Liberalization of the Chinese banking legislation provides Russian banks with an opportunity to receive full-fledged licenses for their work in China, Russia's Trade Representative in the Asian country, Sergey Iniushin, told Sputnik.

"It has always been difficult for banks to start their work and operate in China. We are studying the issue and we see its development in the following manner — one can say that now there are some steps, which allow us to say that there is an opportunity for a Russian bank to get a full-fledged license," Iniushin said.

The trade representative pointed out that some Russian banks were represented in China while the VTB bank was the only bank that had a license. However, according to

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Iniushin, its license does not cover all types of operations and the bank cannot operate as a full-fledged settlement bank.

Russian and China are actively developing their economic cooperation in bilateral as well as multilateral formats such as BRICS and the Asia-Pacific Economic Cooperation (APEC).