Mordashov called the business climate in Russia “very hostile”

Billionaire Alexei Mordashov

According to billionaire Alexei Mordashov, the main priorities of the reforms, the judicial system, property rights and law enforcement. “This is one multifaceted problem, and perhaps the largest,” said he in an interview with the Financial Times.

The current business climate in Russia Mordashov considers “very hostile”. “We need to improve the business climate in the country, and we still have a very hostile climate, particularly for small and medium business”, — he said.

The businessman has reminded that “without substantial reforms, one cannot expect high growth rates”. According to his forecasts, the Russian economy will resume growth in the second half of this year or early next.

Mordashov noted that the implementation of reforms from above have little chance of success without the support of civil society. “We need more activity in civil society to carry out the enforcement in proper form,” he said.

The billionaire believes that Western sanctions will distract the government from the reforms agenda. “In my opinion, one of the negative consequences of the sanctions definitely is that they divert the attention of our management from this [economic] agenda in favor of a foreign political agenda,” — said Mordashov.

In late may, the President of Russia Vladimir Putin in the Duma introduced two bills designed to mitigate the “entrepreneurial” articles of the Criminal code and the law regulating rules of detention. This week the Parliament, says the FT, needs to consider these amendments, which are designed to minimize the damage caused to the business during the arrest of the owner or Manager of a company.

Mordashov is the main shareholder of “Severstal”. According to Forbes, his fortune equals to $12.5 billion, making it the sixth of the richest men in Russia. According to Bloomberg, as Mordashov since the beginning of the year decreased by $70 million, to $12.2 billion.