VIENNA, June 5. /TASS/. Russia will proceed with liberalization of legislation in the business sphere, reduction of the administrative and tax burden on business and improvement of the financial and banking system, President Vladimir Putin said on Tuesday at a meeting with the Austrian business community.

"We will continue to do everything needed, in particular, for the Austrian business to feel comfortable on the Russian market. We will proceed with consistent work on liberalization of laws in the business sphere, reduction of the administrative and tax burden on business, and improvement of the financial-credit and banking systems," Putin said.

At the same time, Gazprom and Austria’s OMV are ready for joint implementation of the Nord Stream 2 project. This will make possible to mitigate transit risk and provide the European economy with extra gas volumes totaling 55 bln cubic meters, Putin noted.

"Gazprom and OMV are ready for joint implementation of the Nord Stream 2 pipeline system. It will enable mitigation of transit risks and provision of an extra volume of 55 bln cubic meters to the European economy," Putin said.

The two countries have prospects of developing relations not merely in the energy but also in mechanical engineering, woodworking, transport and logistics, the Russian president said earlier during the visit to Austria.