According to the book Petrostate: Putin, Power
and the New Russia by Marshall Goldman, it became legal to establish private commercialized
banks in 1987, wherein the capital requirement was of $750,000. The
non-spetbanks, which appeared after the announcement of the Law on Cooperation
in1988 and registered before 1991, and the new banks which were registered after
1991 all function as private commercialized banks.
