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Global recession is hitting all countries of the world and Russia, the erstwhile Soviet Union, is no exception to this. In the decade of the 1990s, it was quite common for branches of foreign banks to open their offices in Russia that helped the Russian economics for a while. But that is no longer the situation prevalent today, if one is to update the economic photos of Russia. Only last week, Russian President Vladimir Putin, had last signed a law which prevents and prohibits foreign banks from opening their branches in the country.
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