Luxembourg and Moscow became closer

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The Luxembourg agency for the development of the financial sector «Luxembourg for Finance» and the Government of Moscow signed a memorandum of understanding to create a basis for the partnership in order to develop two financial centers.

The MoU provides the mutual exchange of information on banking and financial services, as well as on the legislation and the regulation in the areas of interest of both financial markets. The agreement should also allow organizing seminars, training and support mechanisms to facilitate the contacts between the actors in both markets and host the delegations from both countries. A bilateral working group should be set up to facilitate contacts between the two financial centers.

The MoU was signed during the visit to Moscow of the CEO of «Luxembourg for Finance», Nicolas Mackel. For the Government of Moscow it was the Minister of Economic Relations and of Moscow financial center Sergey Cheremin who signed the document.

This agreement is presented by «Luxembourg for Finance» as important step to Moscow’s ambition to become a world financial center.

The Supervisory Commission of the Financial Sector (CSSF) has also signed in 2011 a Memorandum of Understanding with its Russian counterpart. An additional protocol to the double taxation treaty between Luxembourg and Russia is also effective since January.

An economic mission led by Finance Minister Pierre Gramegna should visit Russia in the second half of the year.

Source: «Le Quotidien»