Russia Ready to Play Favorites With Chinese Banks
Russian Deputy Finance Minister Alexei Moiseyev said that if Chinese banks offer to work with Russian strategic companies and those companies agree to this, Russian authorities will add them to list of eligible banks.
BOAO (CHINA) (Sputnik) — Chinese banks that fall below Russia’s requirements for minimum capital levels may still be allowed to work with the nation’s companies that are deemed to be of strategic importance, Russian Deputy Finance Minister Alexei Moiseyev said Sunday.”If Chinese banks offer to work with our strategic companies and those companies agree to this, we will, of course, respect their wishes and add them to our list [of eligible banks],” Moiseyev told RIA Novosti.
Moiseyev was speaking at the ongoing Boao economic forum on Hainan Island in southern China.
He said that only one Chinese subsidiary today meets the country’s capital ratio requirements that set the threshold at 5 billion rubles (some $86 million).
The list of eligible banks and nonprofits that have access to funds of strategic state-run companies includes 136 entities. But Moiseyev said the Russian government can review the list any time.”I learned only just now… that some subsidiaries of Chinese banks in Russia would like to work with our strategic firms but cannot do that due to the existing regulation. We will obviously reconsider once any of them contacts us,” the minister said.
Chinese banks brought the the issue of more access to Russian state companies into limelight during the Boao conference, which is part of China’s effort to expand its economies ties with nations in the region.
Excerpt from :