Russia to allow foreign securities on domestic market

By July 1, 2003, the Russian Federal Securities Commission will work out standards for issuing securities of international financial organizations on the Russian market, Chairman of the commission Igor Kostikov reported to journalists today. He explained that currently securities of international financial institutions could not be traded in Russia due to the lack of necessary law and regulations. According to Kostikov, the European Bank for Reconstruction and Development is likely to become the first international organization whose securities will be circulated in Russia. Later the government will pass a list of international financial organizations whose securities can be allowed on the Russian market.