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Speaking at a meeting of the Federal Security Service (FSB) Collegium, President Vladimir Putin called on the security agencies to focus efforts on helping to ensure a normal business climate in the country.

Quoting FSB data, the President said the agency succeeded in preventing losses of around 47 billion roubles to the state.

Mr Putin said that concrete losses are not the only issue but that corruption and economic crime, when they go unpunished, deal a serious blow to Russia’s reputation as a country with a civilised business environment.

Russia’s ratification of international anti-corruption conventions and agreements also create new opportunities for fighting crime, the President said.