The Ministry of Finance has been given one month to develop the concept of creating an international financial centre in Russia, First Deputy Prime Minister Igor Shuvalov told a conference on Corporate Governance and the Globalisation of the World Economy.

The First Deputy Prime Minister pointed out that the idea of creating an international financial centre in Russia was first proposed by President Putin in February 2008. According to Mr Shuvalov, the concept of creating an international financial centre will involve a large body of legislation on corporate governance. "These laws have to be passed only after consultations with the business community," Mr Shuvalov said.

On the problem of "raiders," Mr Shuvalov said that a package of laws has been prepared to prevent hostile takeover and absorption of companies. However, he said, the Government would not initiate such legislation without consultations with the business community.

The Government was studying foreign experience in this field, Mr Shuvalov said.