IPC says full findings of McLaren report unprecedented, astonishingSport December 09, 17:05
General Staff: Syrian army takes control of 93% of Aleppo’s territoryMilitary & Defense December 09, 17:04
Sakhalin Energy becomes most environmentally responsible oil and gas company in RussiaBusiness & Economy December 09, 16:55
Russian android robot Fedor to acquire self-learning abilitiesScience & Space December 09, 16:43
European Commission may get access to all EU gas supply contracts — sourceBusiness & Economy December 09, 16:32
Peru will get spares for Mi-8/17 helicopters from RussiaMilitary & Defense December 09, 16:25
WADA decides against publishing names of athletes mentioned in McLaren’s reportSport December 09, 16:22
Shlyakhtin re-elected as Russia’s athletics federation chiefSport December 09, 16:07
No consensus on OSCE new observers in Nagorno-Karabakh, Lavrov saysRussian Politics & Diplomacy December 09, 15:53
SOCHI, October 6. /TASS/. Luxembourg is ready to set up a financial platform for operations in rubles, according to the documents prepared to the meeting of Russian President Vladimir Putin and Prime Minister of Luxemburg Xavier Bettel.
Earlier the Luxemburg side proposed to set up a specialized fund under the auspices of the Moscow government at Luxemburg’s financial platform, to create parallel and cross funds in Moscow and Luxembourg with participation of Russian and international capital, to more actively use advantages of Luxembourg-based listing and bond issuance, to carry out mutually supportive operations on Luxembourg and Moscow bourses, the document said.
According to it, "Luxemburg’s leadership sees no obstacles for creating a financial platform for operations in rubles provided that there is a political will from the Russian side and enough demand and offer in the Russian national currency either."
In 2014 and 2015, a delegation from the Moscow government visited Luxembourg to forge cooperation in setting up an international financial center in Moscow.
The dynamics of the trade and economic cooperation between the two states "signals that mutual sanctions are negatively affecting the economy of the Grand Duchy first of all," the document said. In January-July 2015, mutual trade turnover decreased by 26.4% to $87.8 mln compared with the same period last year. Luxembourg’s import dropped almost by half to $61.9 mln while Russian export exceeded the level of first 7 months of 2014 fourfold to reach $25.9 mln.
Luxembourg is the third-largest foreign investor in Russia after Cyprus and the Netherlands. According to the data provided by the Russian Central Bank, the country’s investment in the Russian economy dropped by $4 bln in 2014 while the volume of accumulated investment totaled $38.7 bln. Russian investment in Luxembourg stood at $700 mln in 2014 while the volume of accumulated investment in the Grand Duchy reached $12 bln.