Dmitry Tulin, deputy head of the Central Bank, told a news conference that the Russian government will meet U.S. banking authorities "in the nearest future to work out a mutually acceptable resolution" on the position of banks in both countries.
He said the agreement would be similar to one signed last month with the European Union, in which Russian banks have full access to European markets while EU banks will face some restrictions here until 1999.
U.S. authorities expressed dismay last month when two of the United States' largest banks, Chase Manhattan and Citibank, were excluded from a presidential decree easing restrictions that had imposed offshore status on foreign banks licenced in Russia. U.S. banks were left out because a bilateral investment protection treaty already signed by Russia and the United States still awaits ratification by the State Duma.
Tulin said that Russian banks are very much interested in opening representations and subsidiaries in the United States, but have so far failed to do so as huge lawyers' fees make it unreasonable.
"There is an asymmetry here, which is not to Russian banks' advantage," he said. "We would like to develop our relations with other countries in the banking sphere on the model of our agreements with the European Union."
On the Greek island of Corfu last month, President Boris Yeltsin signed an agreement with the European Union that set up a two-stage schedule for the entry of EU banks to the Russian market.
Until Jan.1, 1996, only the seven EU banks that received licenses and started working before Nov.15, 1993, will be allowed to serve Russian companies and individuals. Russian account holders must keep a minimum account balance of 55,000 Ecus ($66,000).
During the second period, which lasts until end of June 1999, the Russian government reserves the right to prolong the 55,000-Ecu threshold, limit EU banks' subsidiaries to one and forbid them to deal in Russian companies' stocks, according to Tulin.
At no time will the combined charter capital of foreign banks be allowed to exceed 12 percent of the total charter capital of all banks operating on the Russian market. Tulin said that the charter capital of the 17 foreign banks now registered in Russia makes up less than 7 percent of the total.
After the transitional period is over in 1999, Russian government and EU countries will meet again, Tulin said.
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