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    Upper house approves law to ease foreign capital rules in Russia

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    The upper house of Russia's parliament approved Wednesday a law easing foreign capital's access to the domestic banking market.

    MOSCOW, December 27 (RIA Novosti) - The upper house of Russia's parliament approved Wednesday a law easing foreign capital's access to the domestic banking market.

    The document simplifies the procedure for credit institutions to build up their capital with nonresident's funds and bring it closer to the procedure applicable to residents.

    The law brings down to 1%, from the current 5%, the maximum percentage of shares available for purchase without notifying the Central Bank, and cuts to 10% the 20% ceiling for acquisitions requiring its prior consent.

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