MOSCOW. July 14 (Interfax) - The Russian Finance Ministry believes the global financial crisis is continuing, but the worst is in the past, Deputy Finance Minister Dmitry Pankin told journalists on Monday. "We do not think the crisis is over and believe more problems are ahead, but the worst is past," he said.

Fears exist that many banks have not yet disclosed losses on mortgage papers. These are not American, but rather, European banks, which were more conservative and preferred not to disclose reports on the losses, he said.

A plan to deal with the crisis has been worked out and is well known, Pankin also said. It includes a more thorough approach to the assessment of the risks related to complex structured products. On the impact of the crisis on Russia, Pankin said that no complex structured products have actually been used in Russia, so the impact of the crisis is insignificant.