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Our assistance in creating of the International Financial Centre in Moscow

Establishment of the International Financial Centre (IFC) in Moscow is a strategic task of the Government. A long-term aim of this project is to develop a modern financial infrastructure in Russia which will be one of the most important parts of the global market.

In order to implement such a project it is necessary to develop transparent, reliable and efficient financial mechanisms protected by the government guarantees. All of this is aimed at increasing the efficiency of the financial system of Russia. Russian Club of Financial Directors supports such initiative as the establishment of the International Financial Centre in Moscow. This is one of our priorities.

Moscow has the potential to obtain the status of the International Financial Centre. Today, the capital of Russia already unites the financial markets Western Europe, actively cooperates with all the leading financial markets of the world. Geographical location between Europe and Asia, powerful economic potential, rapid development and expansion of international cooperation allow Moscow to obtain the status of the International Financial Centre. This task is placed by the country’s leadership along with the program of modernization of the economy in Russia.

The program on establishment of the International Financial Center in Moscow was included in “The Concept of Long-Term Social and Economic Development of the Russian Federation for the period up to 2020” approved by the Government of the Russian Federation on November 17, 2008. On July 11, 2009 the Government of the Russian Federation approved the plan of measures on establishment of the International Financial Centre in Moscow. The project group is headed by former Head of the Russian Presidential Administration, Alexander Voloshin. The project group includes the representatives of:

• The Presidential Administration

• The Council of the Federation

• The Ministry of Finance

• The Ministry of Economic Development

• The Central Bank of Russia

• The Russian Federation Council's Committee on Financial Markets and Currency Circulation

• The Supreme Arbitration (Commercial) Court of the Russian Federation

• FFMS (the Federal Financial Markets Service) of Russia

• The Government of Moscow

7 project groups were organized to implement the project on establishment of the International Financial Center. Those project groups include the representatives of Russian major companies, scientific community and social institutions. On December 29, 2010 the International Advisory Council on establishment of the International Financial Center was created. The head of the Council is Head of Sberbank of Russia, Herrmann Gräf and Chairman of Credit Suisse Bank, Urs Rohner.

Russian Club of Financial Directors also actively participates in this project of a great national importance, supports it in many ways and provides its expertise.

To improve the status of Moscow in the global financial sphere a great number of issues should be addressed in the field of legislation and financial institutions. A strategic goal of creating the International Financial Centre in Moscow could be reached only by combining the efforts of the financial community of Russia.

© Russian Club CFO, 2014
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