Yerevan/Mediamax/.  By the level of settlement the Armenian banking system is closer to Western standards than the Russian one, Deputy Head of the Analytical Department of the Association of Russian Banks, Sergey Grigoryan, said in Moscow today.

Speaking at a video bridge with Yerevan, Sergey Grigoryan said that if the international standards of financial accounting (ISFA) are already in force in Armenia in an adapted version, Russia is planning to pass to them only in 2015, Mediamax reports.

“This is one of the vivid examples of how a smaller country adapts to new conditions,” Sergey Grigoryan said.