Russia's auto-loan market has the potential to be a USD billion-dollar business. The prediction was made Wednesday at a press conference here by Aleksandr Khandruyev, first vice president of the Association of Regional Banks of Russia, a Rosbalt correspondent reported. Khandruyev noted that bank involvement in automobile purchases in Russia is about 15%, which he called very low by comparison with the rates in several Eastern European countries. The rate in the Czech Republic, he said, is 40%-50% of all car purchases.
The banker also spoke of the relative weakness of Russia's home mortgage market, where home mortgages currently make up 0.3% of the nation's gross domestic product, as compared with up to 3% in developed countries. Khandruyev also spoke of what he described as the great promise of Internet retailing. 'Currently in Russia some 8 million to 10 million people regularly use the Internet, as compared with up to 200 million in the United States. We estimate that the Russian market in Internet retailing has the potential of reaching a level of 400,000 sales a year,' Khandruyev said.
"We should use shock therapy to sober up the Americans. In this case, the Americans will speak about the need to resume dialogue. There is no other option"
The United States is concerned about the current crisis in the relations with Russia and suggests returning to reasonable policies to avoid a nuclear war