The Government has reported on its work to implement Presidential Instruction No. Pr-3410 (Clause 3, Subclause 12) of December 22, 2012, which seeks to make the Russian jurisdiction more attractive for business.
The Government reports that in order to improve the business climate and business conditions, a range of activities are being performed. Nine action plans (roadmaps) have been approved as part of the National Business Initiative on Improving the Investment Climate. Implementation of the roadmaps will take Russia into the top 20 countries on the World Bank’s Doing Business ranking.
The Government has approved and is implementing the action plan on Establishing the International Finance Centre and Improving the Investment Climate in the Russian Federation aimed at increasing the competitiveness of the Russian finance market for Russian and foreign participants, establishing a high level of corporate governance in order to protect investors’ property rights and interests, as well as improving the taxation system.
The Government has also adopted the Strategy for the Long-Term Development of the Pension System to oversee the investment of pension funds and to expand the list of approved financial instruments for investing these funds.
The state programme Federal Property Management adopted by the Government includes measures to regulate inheritance relations and improve the procedure for dealing with escheated property.
To improve the judicial system, the Government is taking measures to merge the Supreme Court and the Supreme Arbitration Court which will require amendments to the Constitution and a range of federal laws and federal constitutional laws.