ST. PETERSBURG, June 5 (RIA Novosti) - Russia has to move to harmonize its legal system for the development of innovation, a Russian metals magnate told the St. Petersburg International Economic Forum on Friday.

Mikhail Prokhorov, the president of Onexim Group said, Russia had made significant steps but more had to be done to promote innovation in the economy, currently heavily dependent on raw materials.

"[Russia] lacks what we call harmonization of legislation, a polish, when, for example, there is innovation but there are customs barriers," he said.

Among other stumbling blocks for the country's development, Prokhorov identified Russian companies' temporary lack of profitability and high interest rates.

"Nevertheless, even if [companies] survive, those that do not use innovations won't survive in the future," Prokhorov told the forum.

Speaking on Russia's goals for the future, Prokhorov said the country needs not only to overcome the financial crisis but to "make headway for decades ahead."