Moscow will prepare proposals on the creation of a global financial center within three to four months, Russian presidential aide Arkady Dvorkovich said on Friday.
"In the next three-four months fully-fledged proposals on changing legislation, Moscow developments and attracting investment will be prepared," Dvorkovich said at a press conference.
The aide said the center would be attractive to foreign companies as the Russian government did not plan to toughen laws for businesses or raise taxes, unlike the authorities of some Western countries.
"On the contrary, we plan to facilitate the work of financial institutions in our market," Dvorkovich said.
Moscow's financial center, which forms part of President Dmitry Medvedev's vision of modernizing the Russian economy, is being established by the presidential council for financial markets, headed by Alexander Voloshin, who worked as chief of presidential staff under Boris Yeltsin.
Medvedev first announced the project at the 12th St. Petersburg International Economic Forum in 2008, stressing that it was aimed at turning Russia's national currency, the ruble, into a leading regional currency.
Today, there are two major global financial centers - London and New York. As of October 2010, Moscow ranks 68 of 75 on the list of international financial centers.
MOSCOW, January 28 (RIA Novosti)