Russian authorities should use English law and language at the international financial center, which is to be set up in Moscow, a Russian deputy finance minister said on Thursday.
"This is essential in establishing a financial center. As far as the political decision is concerned, it is hard to imagine that elements of English law will be introduced in Moscow," Sergei Storchak said.
The idea of making Moscow a global financial hub was voiced by Russian President Dmitry Medvedev in 2008 at the St. Petersburg's Economic Forum. The move aims at strengthening the ruble's position as a reserve currency.
In April this year, the president instructed the council for financial markets and the Moscow government to work out by June 1 a plan on preparatory work for the project.
Storchak said, however, the government program on the establishment of the center does not include such issues as the legal basis regulating the relations between the parties or an official language.
"It is very difficult to think that the capital inflow will be stimulated unless these two issues are solved," the Russian senior finance official said, citing examples of Dubai and Hong Kong.
Storchak, who oversaw foreign debt talks at the ministry and was a key figure in Russia's talks with the Paris Club, was detained in November 2007 and accused of attempting to embezzle $43 million from the state.
The official was released in October 2008 on a pledge not to leave the country and returned to work in May this year saying his vacation was over. The probe into his case has been extended until August 13.
MOSCOW, June 24 (RIA Novosti)
