Barclays is re-opening its retail banking operation in Russia.

The London-based bank is circumventing laws that prevent foreign banks from operating branches in Russia by acquiring Russian companies that are already licensed in the retail market.

Barclays left Russia in 1998 when it lost more than $325 million following a national debt default crisis that year.

Barclays is not alone in its interest in Russia. HSBC is also applying for a retail banking license to add to its corporate operations already in place.

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