Representatives of Russian banking circles oppose the prohibition of money transfers from Russia to Georgia. The Russian Internet Edition “RBK” publishes the statement of Garegin Tosunyan, the President of the Association of Russian Banks, in which he assesses the prohibition of money transfers as an inappropriate measure.   According to the Internet-Edition Garegin Tosunyan, participating in the International Banking Conference on “Money Transfers. Retail Bank Services” held in Erevan, finds it inadequate to apply sanctions and declares that the changes to be introduced in the banking legislation of Russia in this regard contradict the Russia’s agreements with the International Monetary Fund and the norms of regulation of foreign exchange operations currently effective in Russia. According to him, economics and a banking sphere particularly should be developing by removing all kinds of barriers and integrating.   One of the goals of the International Monetary Fund is to create multilateral settlement systems among the IMF member countries and to rule out the operations, hindering the growth of world trade.   Georgia and Russia, both are the members of the IMF and the Charter of the mentioned International Financial Organization binds them to observe this provision.   Since 1996 Russia, as a member country of the IMF, has undertaken the obligation to refrain from current international transactions, transfers and applying restrictions as well as introducing discriminatory exchange mechanisms or multilateral exchange practices without the IMF approval.