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Instructions resulting from meeting on economic issues

May 1, 2010

Dmitry Medvedev approved list of instructions resulting from meeting on economic issues of April 20, 2010.

The Presidential Council for Financial Market Development and the Moscow City Government have received a mandate to prepare an action plan for the establishment of an international financial centre in the Russian Federation. They are instructed to take into account the experience of other such centres operating abroad, prepare the relevant legislative acts, and determine the centre's operating conditions.

The Presidential Executive Office is directed to support the working group's efforts to establish such a centre and form a consultative council, which may include representatives of Russian and international financial and consulting organisations.

The Government of the Russian Federation is charged with drafting federal legislation required for preparations prior to the establishment of the financial centre and submitting proposals, together with the Bank of Russia, for using the Russian ruble as the primary currency for the centre's transactions and settlements.

The Government is also instructed to develop an action plan for Russia's accession to the Multilateral Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information of the International Organisation of Securities Commissions, and to offer measures to encourage countries that are members of the Customs Union and other international organisations to join in creating a financial centre in Russia.

May 1, 2010