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SPEECHES, INTERVIEWS, ARTICLES

27.05.2013

Аmbassador’s Notebook: Moscow as an International Financial Center

Since 2010 Russia has been consistently implementing a top priority national economic project developing Moscow as an International Financial Center (MIFC). Major reforms of our national financial architecture demonstrate to international as well as domestic investors new advantages of the Russian financial market as it is further integrated into the global system.

After the merger in 2011 of the two largest national trade platforms – RTS and MICEX – the new united Moscow Exchange this February conducted a successful IPO on its own platform, demonstrating possibilities for large companies to raise capital in Russia. Remarkably, 23% of the shares were purchased by British investors. "This is a good sign and a crucial test that proves the possibility of domestic placements in local shares. I think this IPO must serve as a case study for other privatizations that will follow later this year and next", commented Dmitry Pankin, Head of Federal Financial Markets Service (FFMS).

“Moscow Exchange’s IPO, the largest ever solely on a Russian exchange platform, marks a major step forward in its development as well as the future growth prospects of the Russian financial market,” said Alexander Afanasiev, the Exchange’s Chief Executive.

Also this February the Moscow Exchange became the first of CIS exchanges to grant direct access to its foreign exchange market to foreign banks, starting with the Eurasian Economic Community (Belorussia, Kazakhstan, Kirgizia and Tajikistan).

The Russian Central Depositary – a key element of the new financial infrastructure – has become fully operational in March. Earlier the two leading international depositaries, Euroclear and Clearstream opened Central Depositary accounts in Russia. These steps will ease the access of foreign investors to Russian securities, starting with the highly attractive market of the federal government bonds.

In May 2013 Russia has completed the first stage of its legislative work on the establishment of the financial megaregulator — the finalized draft of the Central Bank Act was introduced and passed through the State Duma in the first reading. The bill will transfer FFMS’ control and oversight functions in the financial markets to the Central Bank. Depending on the progress of legislative procedures, the megaregulator may become operational in August.

In April 2013 the Government has granted the Ministry for Economic Development the right to apply to diplomatic missions and consulates to back visa requests by representatives or employees of major foreign companies investing in Russia, as well as Skolkovo and MIFC participants. An implementation mechanism is being currently considered. The new regulation will help attract foreign investment to Russia and create a more effective business environment for foreign investors.

“Financial infrastructure and regulation are two areas we have been making strides in”, says Head of the Russian MIFC Taskforce Alexander Voloshin of the megaregulator in the MIFC context. Next on the MIFC Taskforce agenda is long-term capital, further improvement of corporate management of the Exchange, Central Bank capital procedures, the Central Depositary recognition.

Remarkably, these and other issues related to the development of the Russian financial market are also on the agenda of the UK-Russia MIFC Joint Liaison Group that was established in 2011 following the bilateral summit in Moscow. It is co-chaired by Alexander Voloshin and the Lord Mayor of London and its expertise has been actively relied upon in the MIFC project development recently.

The fifth meeting of the Group is to be held on 28 May 2013 in Moscow in the context of the visit to Russia of the Lord Mayor of London Roger Gifford who will be supported by a representative City business delegation. Among the priority topics for discussion at the meeting will be long term finance and how to attract private capital into infrastructure investments, public private partnerships, financial education and training, regulatory and supervisory issues. The professional advice and mutually beneficial exchange of ideas on the financial market developments and global trends between the Russian and British experts have become a valuable and welcome source of relevant information and support for the MIFC forward-looking agenda.




LATEST EVENTS

24.06.2018 - Greeting by Ambassador Alexander Yakovenko for the Znaniye school Family Day (Ealing, 24 June 2018)

Dear friends and guests, I am delighted to welcome you at a Family Day celebrating Russia and the World Cup. Today, Russia is the place to be for the whole world. It is a great pleasure to hear fans from all continents appreciating Russia’s hospitality, friendliness and openness to everyone. Right now, people from virtually every country see the 11 host cities, from the Baltic Sea to the Urals on the border of Europe and Asia, and realize how diverse and beautiful our country is. We’d like to bring a bit of Russia and the excitement of the World Cup to Ealing, for those who couldn’t make it to the tournament. By the way, so far both our teams are doing very well, and let us hope they keep up this good work. We cheer for both Russia and England but I’m afraid this can change if both teams meet at the semi-finals.


20.06.2018 - Foreign Minister Sergey Lavrov’s remarks and answers to questions at the Primakov Readings international forum, Moscow, May 30, 2018

Mr Dynkin, Colleagues and friends, Ladies and gentlemen, I am grateful for a new opportunity to speak at the international forum named after Academician Evgeny Primakov, an outstanding Russian statesman, academic and public figure. It is indeed a great honour for me. I consider Mr Primakov, with whom I worked at the Foreign Ministry in the latter half of the 1990s, my senior comrade and teacher, as probably do the majority of those who crossed paths with him at one point. Holding this representative conference under the aegis of one of Russia’s leading academic institutes – National Research Institute of World Economy and International Relations (IMEMO) that also bears Primakov’s name – has become a good tradition. The Primakov Readings have earned a reputation as a venue for serious dialogue of authoritative specialists on the most pressing issues of international politics and the global economy. Today, there is no lack of buzzwords used by politicians, experts and scientists to capture the current moment in international relations. They talk about the crisis of the “liberal world order” and the advent of the post-Western era, “hot peace” and the “new cold war”. The abundance of terms itself shows that there is probably no common understanding of what is happening. It also points to the fairly dynamic and contradictory state of the system of international relations that is hard to characterise, at least at the present stage, with one resounding phrase. The authors of the overarching theme of the current Primakov Readings probably handled the challenge better than others. In its title “Risks of an unstable world order’ they provocatively, and unacademically, combine the words “unstable” and “order”.


21.04.2018 - Ambassador Alexander Yakovenko's talking points at the Press Conference, 20 April 2018

Since we met last time a lot of events took place: - Military strikes of the United States, UK and France against Syria in violation of the international law - Mission by OPCW inspectors to Douma - Speech of Prime Minister May in Parliament in support of the British aggression against Syria - Special meeting of the OPCW Executive Council (18 April 2018) - New developments in the classified case of Salisbury poisoning of Skripal family - No meaningful developments on the Glushkov case - and Cyber security threats I plan to comment all these issues. And I will be happy to answer all our questions, if you have any.


17.03.2018 - Ambassador Alexander Yakovenko's interview for "Mail on Sunday" (full text)

Q: Bearing in mind that the US, France and Germany have said they agree with Britain that all the evidence suggests the attacks in Salisbury were the responsibility of the Russian state, what credibility can be placed on the denials issued by the Russian Government? A:We don't know if UK presented any evidence to US, France and Germany - highly likely none - but if they did, why not present it through the channels outlined in the Chemical Weapons Convention? Universal legal principle is presumption of innocence, and the burden of proof lies with the British Government. Its record includes the Iraq WMD dossier - you will remember that at some point doubting US and UK claims was considered a wild conspiracy theory. It is not any more.


26.01.2018 - Main foreign policy outcomes of 2017

In 2017, Russian diplomacy addressed multidimensional tasks to ensure national security and create a favourable external environment for our country's progressive development. Russia maintained an independent foreign policy, promoted a unifying agenda, and proposed constructive solutions to international problems and conflicts. It developed mutually beneficial relations with all interested states, and played an active role in the work of the UN, multilateral organisations and forums, including the G20, BRICS, the SCO, the OSCE, and the CSTO. Among other things, Russian policy has sought to prevent the destabilisation of international relations, and this responsible policy has met with broad understanding in the international community.


17.01.2018 - Ambassador Alexander Yakovenko's remarks at the unveiling of memorial plaque in Sayes Court Park

Dear Mayor, Dear Councillors, Lady Joan, Ladies and gentlemen, It is now 320 years ago that a truly remarkable man set foot in Deptford. As you know, the Russian Tsar Peter, later named the Great, visited Western Europe in 1697—1698 under the nickname of Peter Mikhailov, with his Grand Embassy. He was eager to find out about the latest achievements in science and technology and create new diplomatic alliances. Of course, England couldn’t escape his attention. He mostly studied shipbuilding at the famous Deptford Dockyard, but he also met King William III, and, reportedly, Isaac Newton. Peter’s landlord, the famous John Evelyn, was also a respected scientist – a founder member of the Royal Society.


13.12.2017 - Ambassador Alexander Yakovenko's remarks at the Presentation of the 2018 FIFA World Cup Russia by Russia 2018 Local Organising Committee.

Ladies and gentlemen, dear friends, I am pleased to welcome you to the Russian Embassy at the Presentation of the 2018 FIFA World Cup Russia by Russia 2018 Local Organising Committee. It’s a common knowledge, that football is the most popular game in the world. It is an honour for us to host the 2018 FIFA World Cup for the first time in the history of our country. I believe that those who come to Russia to support their national teams will leave with unforgettable memories.


08.12.2017 - Ambassador Alexander Yakovenko's remarks at the Roscosmos "Sputnik" exhibition launch at Rossotrudnichestvo

Ambassador Alexander Yakovenko's remarks at the Roscosmos "Sputnik" exhibition launch at Rossotrudnichestvo (7 December 2017)


25.11.2017 - Ambassador Alexander Yakovenko's remarks at the reception at the Embassy dedicated to Russian Film Week (24 November 2017)

Ladies and gentlemen, Dear friends First of all, I would like to pay tribute to the outstanding Russian opera singer Dmitri Hvorostovsky who passed away this week. In 2015 he gave a concert in this very hall. I am delighted to welcome you at our reception dedicated to the Russian Film Week and the environmental causes it champions. This year their charity partner is World Wide Fund for Nature, which runs many projects in Russia in coordination and with support of the Russian Government. Russia has a unique, fascinating wildlife. A number of this week’s films show the natural beauty of our land and are sure to raise awareness of how fragile this beauty is. We appreciate the WWF effort in Russia and worldwide and call on everybody to become a supporter, especially this year, marked as Year of Ecology in Russia.


20.11.2017 - Ambassador Alexander Yakovenko's remarks at the launch of the Russian Film Week (19 November 2017)

Ladies and gentlemen, It is a pleasure for me to be at the opening of the second edition of the Russian Film Week here in London – which this year also spans to Cambridge and Edinburgh.



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