Russian Economy Integrates Into World Economic And Financial System

About 200 regulatory documents related to Russia's integration into the world economic and financial system have been adopted in Russia or are currently in the works, Russian Economic Development Minister German Gref told the participants in the Fifth Annual Russian Investment Symposium in Boston. In Mr. Gref's opinion, radical optimisation has involved taxation, the protection of intellectual property, protection and extension of investor rights, and system of administrative relations between state bodies and businesses. Major measures have been taken to fight economic corruption and legalisation of criminal income, stimulate small business sector, and bring Russian accounting in line with the international standards. It is this year that the banking sector will start operating in accordance with the Western accountability standards, Mr. Gref stated. According to Mr. Gref, with the adoption of the Land Code, for the first time in 100 years, land will become a commodity. This provides foreign investors with plenty of opportunities. Russia will also lift limitations on foreign involvement in the country's banking.