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Laws to improve Russia's business climate expected by end 2015

December 16, 2013, 13:34 UTC+3 MOSCOW
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MOSCOW, December 16. /ITAR-TASS/. Regulatory framework for improving Russia's business climate will be in place by late 2015, Russian presidential aide Andrey Belousov told a conference.

“We’ll need about two years two complete the legal framework compliant with how it is seen by both the business community and bureaucracy, to complete what will help create normal business conditions in Russia,” he told an event organised by the Agency for Strategic Initiatives and Vedomosti daily.

To make a crucial breakthrough in the World Bank’s "Doing Business" ratings, Russia had to streamline its legal framework, reduce the time business needed to obtain permissions and the number of such documents, Belousov told delegates.

The issue of law enforcement quality was presently not in question as the legal framework itself was business-unfriendly and should be overhauled, he said.

Entrepreneurs faced biggest problems in the regions so the business community was planning to start a rating to judge regional governments by how they implemented the national initiative, Belousov added.

A Russian system of commercial courts would soon be completed with a network of arbitration courts that now practically stood idle, the speaker said, expressing hope the law would be adopted in the next six months.

He cited better transparency of supervision and control procedures as another way to improve the business environment, suggesting a dedicated website for controlling authorities to report their findings.

These initiatives, alongside Russia's conversion to International Financial Reporting Standards (IFRS), should yield results that would reverse negative trends in law enforcement, he said.

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