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The WTO and the Customs Union: What Consequences for the Russian Banking Sector?

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Russie.Eurasie.Visions
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L'OMC et l'Union douanière : quel impact pour le secteur bancaire russe ?
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Russia is now a member of World Trade Organization (WTO) and of the Eurasian Customs Union between Russia, Belarus and Kazakhstan. Questions remain over how this new global and regional integration will affect the competitive environment of the Russian banking services industry. 

Corps analyses

This paper shows that the mere entry of Russia into the WTO will not cause significant additional growth in the inflow of foreign investment into the Russian banking system. Changes in the structure of the Russian economy will lead to bankruptcy of some banks that are unable to diversify their business sufficiently. Credit institutions that do not have state backing or strong business clientele will have to find new niches associated with the sale of banking services to less well-off segments of the population.

An earlier version of this paper was presented at a conference organized by Ifri in the framework of the Eurasian Trade Task Force (ETTF), 31 May 2012. The ETTF addresses the different commercial and economic integration projects in Eurasia and their impact on domestic and foreign policies of the states concerned.

 

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978-2-36567-073-9

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The WTO and the Customs Union: What Consequences for the Russian Banking Sector?

Decoration
Author(s)
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Russie, Eurasie, Carte
Russia/Eurasia Center
Accroche centre

Founded in 2005 within Ifri, the Russia/Eurasia Center conducts research and organizes debates on Russia, Eastern Europe, Central Asia, and the South Caucasus. Its goal is to understand and anticipate the evolution of this complex and rapidly changing geographical area in order to enrich public discourse in France and Europe and to assist in strategic, political, and economic decision-making.

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Russia, the Palestinians and Gaza: Adjustments after October 7th

Date de publication
23 February 2026
Accroche

The Soviet Union (USSR), and subsequently the Russian Federation as its internationally recognized legal successor, has consistently sought to play a visible role in efforts to resolve the Israeli-Palestinian conflict.

Dmitry MARYASIS
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Deathonomics: The Social, Political, and Economic Costs of War in Russia

Date de publication
09 February 2026
Accroche

The report attempts to outline and examine a truly new phenomenon in Russian society, dubbed “deathonomics”—the making of a mercenary army against the backdrop of the Kremlin’s war in Ukraine, eventually replacing both the Soviet (conscript) and early new Russian (contract) armies. It notes that, by the end of 2023, this trend had turned the military service into one of the highest-paying professions in the country, something not seen in Russia on such a scale since the late 17th century.

Vladislav INOZEMTSEV

Russia's Asia Strategy: Bolstering the Eagle's Eastern Wing

Date de publication
06 June 2016
Accroche

Among Russia’s strategic priorities, Asia traditionally played a secondary role compared to the West. In the mid-1990s, then Foreign Minister Yevgeny Primakov initiated a rapprochement with China and India. Then, in 2014, deteriorating relations between Russia and the West prompted Moscow to begin its “great pivot to the East”.

Dmitri TRENIN
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Kazakhstan After the Double Shock of 2022: Political, Economic and Military Consequences

Date de publication
28 October 2025
Accroche

The year 2022 represented a dual shock for Kazakhstan. In January, the country faced its most severe political crisis since independence, followed in February by Russia’s full-scale invasion of Ukraine, which cast uncertainty over the borders of post-Soviet states. These consecutive crises profoundly shaped Kazakhstan’s domestic and foreign policy.

Vera GRANTSEVA Rakhimbek ABDRAKHMANOV

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L'OMC et l'Union douanière : quel impact pour le secteur bancaire russe ?
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L'OMC et l'Union douanière : quel impact pour le secteur bancaire russe ?

The WTO and the Customs Union: What Consequences for the Russian Banking Sector?