Russia and China to set joint venture to launch online trading - media

Russia's state-controlled Sberbank will most likely set up a joint venture with China's Alibaba Group to launch on-line trading, Kommersant reports.

It will be a Russian legal entity, so Sberbank's share will be not less than 50%, a source close to the government said.

The parties hope to set a joint venture in the first half of 2017, but the negotiations are not easy, the newspaper notes.