OREANDA-NEWS. According to RBC with reference to the relevant document, the Russian government has received a bill that limits the state's ability to buy shares or stakes in banks.

The bill provides for amendments to the Law "On Protection of Competition", which may include a chapter on the permissible state participation in the capital of financial companies.

The ban on purchases may affect the Russian Federation, its subjects - state and municipal formations, as well as the Bank of Russia and companies or banks with state participation.

As noted, the need for such measures arose due to the situation in the financial sector: in 2018, the state's share in the banking market reached 70 percent.

Deputy Minister of Economic Development Ilya Torosov said that the document is important for creating optimal conditions for the development of competition. In addition, in his opinion, the amendments will support private players.

The project was finalized and submitted by the Ministry of Economic Development. The press service of the Cabinet of Ministers said that it is under consideration. The Ministry of Finance explained that the ministry received the bill back in 2019 and was approved.