OREANDA-NEWS. December 13, 2007. On December 17, 2007, at 10.00, the closing conference of the EU-Funded project on development of fair competition in the Russian financial sector will be held at the premises of the European Commission Delegation to Russia (Kadashevskaya nab., 14/1), reported the press-centre of FAS Russia.

The project started in July 2006; it was implemented mainly by the Federal Antimonopoly Service of Russia and the Italian Minister of Economy and Finance. Its aim was to promote reduced participation of federal and regional authorities in the capital of financial institutions in Russia. The contribution of the EU to the project amounted to 600 000 euro.

In the run-up for the conference, Mr. Igor Artemiev, Head of Federal Antimonopoly Service of the RF, said: "We appreciate the cooperation between the Italian Ministry of Economy and Finance and FAS Russia, and thank the European Union for supporting a project that has set the foundations for enhancing fair competition in the financial system of the Russian Federation".

The project was implemented in the "Twinning" format under which relevant institutions and bodies of an EU Member State and of Russia work together. In the case of this project, cooperation was carried out between Italian and Russian bodies. The Russian partner and beneficiary of the project was Federal Antimonopoly Service (FAS). Besides, the Ministry of Finance, the Ministry of Economic Development and Trade, the Central Bank of the Russian Federation, the Federal Service on Financial Markets and Insurance Supervision Service took part in the project. The Italian side was represented by the Italian Ministry of Economy and Finance (Department of the Treasury), supported by Italy's Antitrust Authority, the Bank of Italy and Studiare Sviluppo srl.

The purpose of the project was to promote the principles of fair competition, sound and transparent governance in the financial sector of Russia, in order to enhance its efficiency and attractiveness to domestic foreign investors. This objective is especially important in the view of the growing trans-border convergence and integration of the financial markets in Europe.

The work under the project included conducting conducted analyses and preparing reports on the privatization processes, as well as on competition rules and related implementation in Russia and the EU; holding seminars and workshops based on case-studies of reduction of state ownership in financial institutions; organising study tours for senior officials from FAS and other Russian institutions.

Keynote speakers at the conference will include Mr. I. Artemiev, Head of FAS of Russia, Amb. M. Franco, Head of the Delegation of the European Commission to Russia, Mr. G. Sabatini, Director General of the Department of Treasury, MEF, and Mr. M. Trifilidis, Head of Competition Unit, Bank of Italy. The overview and the results of the project will be presented by Mr. A. Kashevarov, Deputy Head of FAS, who led the project on the Russian side, and by Mr. A. Rivera, Head of Directorate of the Department of Treasury from the Italian Ministry of Economy and Finance (MEF), who was the project leader on the Italian side.

The conference will be also attended by representatives of Administration of the President of the Russian Federation, Russian Government, the State Duma and Council of Federation of the Federal Assembly of the RF, federal executive bodies, professional associations of financial organizations, and representatives of the largest financial companies.

For media accreditation, please contact the Press and Information Section of the Delegation of the European Commission to Russia Tel. (495) 721-20-41/09, fax (495) 721-20-20, e-mail delrus-pressoffice@ec.europa.eu from 09h00 to 17h30.