Russia must rethink investment policy in absence of foreign investment - Duma first deputy chair

ST. PETERSBURG. April 27 (Interfax) - Russia must not be limited exclusively to priority measures aimed at minimizing sanctions pressure amid the absence of foreign investment, it also needs to rethink its economic policy and update the Tax and Budget codes, respectively, State Duma First Deputy Chairman Alexander Zhukov said during a meeting of the Council of Legislators.

"It is quite possible that in today's conditions that we need to rethink our economic policy fundamentally, primarily our investment policy, because we are unlikely to be able to count on serious foreign investment in the near future. Many of the measures that have been taken thus far naturally need to be reviewed on how effectively they would function; and it is already clear that they must not only be top-priority, they must be such going forward, as we have no other choice," Zhukov said.

Zhukov also believes that work on updating the Tax and Budget codes, respectively, will be very relevant.

"We are constantly amending them considerably. I think that a systematic approach to work is necessary here, and I believe that the State Duma is ready to do the job. I think that customs legislation also requires not just cosmetic changes, but very serious revision," Zhukov said, adding that the State Duma, along with the government, should immediately begin working on the conceptual documents.