About us / Project Groups

← Project Group №1

Financial infrastructure and financial market regulation

Project Group №3 →

Administrative procedures

Project Group №2

Corporate law and governance, financial transaction taxes


Back to Media

Russia Will Upgrade 20 Spots in Doing Business with New Civil Code

31.05.2012 10:21 / Interfax

The amended Civil Code will enable Russia to ascend a minimum of 20 places in the World Bank Doing Business rating, said Vice Premier Arkady Dvorkovich at the Global Capital Markets and Corporate Governance international conference in Moscow on Thursday.

“If we decide to amend a number of Civil Code chapters, from company registration to certain corporate governance norms, this will automatically upgrade Russia in this rating. We will no longer be #120, we will be at least in the Top 100 by default”, he said.

Upgrading from #120 to #50 by 2015 and to #20 by 2018 in Doing Business was the goal set by President Putin in his first decree following inauguration.

Dvorkovich pointed out that improving Russia’s rating could be achieved by simply introducing amendments to legal norms, before they have been enforced.

The Vice Premier noted that the amended Civil Code has been introduced to the parliament, and passed the first reading at the Duma. “Not every norm in the amendments is considered perfect by the community so far”, said Dvorkovich. He said that the lawyers, the investment community and the companies are yet to improve the amendments.

“However, we want to make a step forward, in terms of our message to the market too. There are simple indicators: Russia’s placements in business environment ratings”, said Dvorkovich.

Project Group №2Arkady Dvorkovich