MOSCOW, April 18 (RAPSI) - The Russian Government has submitted a bill to the State Duma that would set a 50% quota on foreign participation in the Russian bank system, a State Duma representative told RIA Novosti.

The supporting documents state that the bill was drafted based on the rights and obligations of the Russian Federation as part of its accession to the WTO based on access to the market of banking services. Currently, there is no such quota.

The bill sets a 50% quota on foreign participation in the total registered capital of lending institutions operating in Russia. Also, the types of investments that will not account for the quota are listed and the Central Bank action in case of exceeded the quota is outlined.

The quota will be set by the federal law as proposed by the government and agreed with the Bank of Russia. The quota is a ratio of a total share of non-resident capital in the registered capital of loan companies with foreign participation to the total registered capital.