ST. PETERSBURG, June 16. /TASS/. The business climate in Russian must be globally competitive, President Vladimir Putin said at the St. Petersburg International Economic Forum (SPIEF).

"The business climate in Russia, either for startups or for the mature business, must be competitive at a global scale," the head of state said.

"Management entities of our largest systemic companies should operate exactly within the framework of the Russian jurisdiction, as I said in the State of the Nation Address to the Federal Assembly," Putin noted.