The Russian banking sector : small but developing

Abstract

The Russian banking sector is large if measured by the number of banks but small if measured by the amount of banks' total assets. Notwithstanding the suspicions concern-ing money laundering that surfaced in late spring 2004, confidence in the Russian bank-ing system has been restored since the financial crisis of 1998. The reform of banking supervision and banking legislation are the key challenges facing the Russian banking system.