OREANDA-NEWS. September 14, 2011. In the course of British Prime Minister David Cameron’s formal visit to Russia and in the presence of Russian President Dmitry Medvedev, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Working Group on Establishing an International Financial Center in the Russian Federation and independent company TheCityUK entered into a Memorandum on Cooperation.

On the Russian side the Memorandum was signed by Head of the Working Group on Establishing an International Financial Center in the Russian Federation under the Presidential Council for the Development of the Russian Financial Market Alexander Voloshin, Management Board Member – Vnesheconombank First Deputy Chairman Nikolai Kosov and on the British side – by TheCityUK Director Wayne Evans.

The Memorandum aims to boost cooperation between the parties as part of the Russian-British Working Group on Establishing a Financial Center in the RF. Cooperation between the parties is designed to expand the potential of the financial and related professional services sector in Russia.

The parties outlined the following lines of cooperation: improving and expanding practice of applying alternative mechanisms for settling disputes including developing arbitration court and mediation, boosting the derivatives market, upgrading stock market infrastructure, legal regulation of relations in the financial sector, improving PPP mechanisms for developing Moscow’s International Financial Center infrastructure and expanding cooperation in training personnel.

The Memorandum’s implementation would help to establish Moscow’s International Financial Center, create favorable conditions for the financial and professional services sector in the Russian Federation as well as comfortable conditions for foreign investors.

The Russian-British Group was established in June of 2011 in order to help establish Russia’s International Financial Center. The Working Group’s first meeting was held at Vnesheconombank on June 27, 2011.