Back in the USSR?
The top five state-controlled Russian banking groups own more than 49% of the sector's assets, new research from the Bank of Finland reveals.
The analysis shows that the domestic private sector is being diluted, eroded and crowded out with all state-controlled banks commanding 54.6% of assets.
The research concludes that that after two decades of experimenting with private intermediation, Russia appears to be backtracking towards a state-run credit system.
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