Head of FBK Legal's Corporate Practice, Alexander Ermolenko on necessity to create in Russia competitive jurisdiction

 

On-air of City FM radio station Head of FBK Legal’s Corporate Practice, Alexander Ermolenko commented upon the statement of the Head of the Ministry for Economic Development that  it is necessary to create in Russia a competitive jurisdiction comparing to the off-shore zones.
As the expert believes it is almost impossible to implement this idea: “Not the law needs to be changed, but its application practice, and people also need to be changed, the very public officers themselves”. According to Ermolenko, off-shores are still popular, as neither overseas businessmen, nor Russian ones trust Russian jurisdiction. “There is no confidence in the way the laws are written, in the way they are applied, as well as in the way the state treats business”, the expert noted.