In its accession to the World Trade Organization (WTO), Russia undertook important and far-reaching commitments on the regulation of banking services. These commitments create rights and legal security for current and potential suppliers of banking services to Russia. The commitments are set out in Russia’s Schedule of Commitments under the WTO General Agreement on Trade in Services (GATS). Russia’s trading partners can enforce the rights of foreign banks to supply these services to the Russian market through the dispute settlement system of the WTO.
Background: The GATS -
The GATS is a comprehensive multilateral agreement, covering all governmental measures, including domestic regulation affecting trade in services. It applies at both the national and sub-national levels of government. It also covers every means by which services, including banking, can be supplied internationally. It defines trade in services through four “modes of supply”...
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