MOSCOW -- Russia's lower chamber of parliament, the State Duma, has welcomed gradual access for foreign banks and dismissed fears that it would resist changes in banking laws to open up the domestic market to competition.
Pavel Medvedev, head of the Duma's subcommittee for banking legislation, said that foreign banks should be allowed limited operations in Russia.
"We legislators have no disagreements with the central bank on this issue," Itar-Tass news agency quoted Mr. Medvedev as saying.
Parliament's backing is key to any changes in the banking legislation. New banking regulations, including those introduced by presidential decree, must be approved by the house.
The Duma had started work on a draft banking law that would impose banking disclosure requirements and strict controls over the origin of money deposited in banks, Mr. Medvedev said.
