Luxembourg signs MoU with Moscow financial centre
Luxembourg for Finance and the Department for External Economic and International Relations of the Moscow City Government have today signed a Memorandum of Understanding aimed at establishing a framework for partnership with a view to developing the two financial centers.
The Memorandum contains, in particular, provisions regarding mutual exchange of information on banking, financial services, securities legislation and regulation in force in the respective jurisdictions and on market trends in relevant international financial services activities and products. It also provides for the organisation of seminars and training courses on these issues as well as assistance in facilitating contacts for market operators and in welcoming delegations. In order to further deepen their cooperation, it has been agreed to establish a bilateral Working Group.
The MoU was signed on the occasion of a working visit to Moscow by Luxembourg for Finance’s CEO, Nicolas Mackel. On behalf of the City of Moscow Government, the MoU was signed by Minister Sergey Cheremin.
Russia's leaders are pressing ahead with plans to make Moscow a global financial centre. Luxembourg is actively supporting this development. In 2011, the Luxembourg regulator, Commission de Surveillance du Secteur Financier (CSSF) signed a MoU with the Federal Financial Markets Service of Russia. Moreover, an amended double tax treaty between the two countries has entered into force on January 1st 2014. In the second half of 2014, Luxembourg for Finance plans a Financial Mission to Russia, under the leadership of Minister of Finance Pierre Gramegna.
Currently, two Russian banks are established in Luxembourg: East West United Bank (since 1974) and Gazprom that officially opened its offices in December 2013.