Law passed on Russian cb to weaken banking system

RUSSIA - The Russian State Duma has approved a revised version of the bill on the Central Bank of Russia (CBR). This decision will weaken the entire banking system according to finance minister Alexei Kudrin.

He asserts it does not allow the CBR to implement its direct functions on banking supervision. It is therefore rumoured that the Federal Council or the president is likely to veto the bill.

The bill was approved in its third reading, going against a request from the government to return t