Russian-American Banking Dialogue

In November 2001, Presidents Bush and Putin welcomed the creation of a public-private Russian-American Banking Dialogue. The Dialogue provides an opportunity for the private sector to have input in Russia's banking reform program. One of the goals of the Dialogue is to help Russian banks establish productive relationships with international banks and financial services providers that will build a vibrant banking sector in Russia.

In May 2002, the Dialogue presented their first report to the two presidents. The report contained concrete recommendations on ways to stimulate growth and improve economic conditions while enhancing sound banking practices in Russia. The Dialogue is now working to provide a mechanism for increasing understanding and business relationships between Russian and U.S. banking communities.

On September 25, the Dialogue hosted a delegation of Russian bankers led by the Central Bank of Russia's Deputy Governor, Andrei Koslov, for a meeting with representatives from the U.S. banking community, including officials from the Federal Reserve Bank of New York and members of the Financial Services Volunteer Corps (FSVC). The meeting focused on:

• Recent developments in the Russian banking sector and progress on the government's reform strategy, which incorporated many of the Dialogue's recommendations;
  
  
• Impediments to greater banking ties between the two countries and ways to overcome them;
  
  
• Exchange and training opportunities to increase understanding of each other's banking systems and to build cross-border business relationships.