An enormous amount of work has recently been carried out to improve Russias legal system. This includes large-scale reforms of the Civil Code and changes to the commercial arbitration system. Reforms to oversight are also being introduced. Modern legal standards have been introduced to the Russian system, allowing even the most complex investment projects to be realized. Assurances and guarantees, escrow accounts, shareholder agreements, and many other legal instruments are already part of legal reality in Russia. The speed and efficiency of the commercial arbitration process in Russia are the result of organizational changes to state courts, as well as reforms to the procedure for setting up arbitration courts and the expansion of their authority, among other modifications. All of these changes are the subject of widespread discussion in the legal world. Despite this transformation, however, business owners and senior managers in Russian companies are often still imprisoned by myths about the exclusivity of English law. What are the strengths of the Russian legal system? What new opportunities for business are there within the jurisdiction of the Russian Federation? How successful have measures introduced to reduce administrative pressure on business proven to be? What impact is the increasing appeal of Russia as a jurisdiction having on attracting investment?
Shigeru Murayama, the President of the Japan Association for Trade with Russia and the Newly Independent States (ROTOBO), talks about how to iron out economic fluctuations, increase the competitive attractiveness of the Far Eastern advanced special economic zones (ASEZs), and introduce high-tech Japanese developments to Russia.