Russia will oppose bank tax at G20: top Kremlin aide

21st June 2010, Comments 0 comments

Russia opposes proposals for a tax on banks that will be high on the agenda of the G20 summit in Canada, President Dmitry Medvedev's top economic aide said on Monday.

"Russia, like a number of other countries, believes the introduction of a special tax on banks could have negative consequences for the accessibility of loans and other services," Arkady Dvorkovich said at a news conference.

The United States and some European countries back a bank tax to help pay for any future global financial crises.

He added that "the idea that bankers and financial organisations should find a way out of the crisis using their own resources" was "shared by all the world."

"I do not think that a collective decision will be taken" at the G20 summit in Toronto on June 26-27, he said.

He said that other countries shared Russia's fears, naming Canada, Australia, China and India.

The US and Britain -- forced into heavy bailouts of banks and financial institutions in 2008 and 2009 at the height of the economic meltdown -- have already drawn up proposals to levy bank taxes, along with Germany and France.

© 2010 AFP

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