Russia should not agree to join the World Trade Organization (WTO) on disadvantageous terms, United Russia party leader and Speaker of the lower house of parliament Boris Gryzlov said here on Saturday.

"We are not seeking to join the WTO at any cost" and there should be "no compromises" on this issue, Gryzlov was quoted by the Interfax news agency as saying, when speaking at the party's General Council session.

"We cannot just accept a number of requirements we are being urged to comply with, in particular, concerning the establishment of branches of foreign banks in Russia," Gryzlov said, adding that this would actually lead to the liquidation of the national banking sector in "certain east European countries some time ago."

The United States remains the only country with which Russia has yet to complete talks in its bid to join the world trade body. The Russia-U.S. talks have centered on financial services. One of the sticking points is a U.S. demand that foreign banks be allowed to open directly owned branches in Russia.

Source: Xinhua