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. Last Updated: 07/27/2016

Putin Boosts Investors

MOSCOW -- Prime Minister Vladimir Putin promised on Tuesday to help protect foreign investors from Russia's unwieldy legal system and to create Western-style business conditions.

"We shall create all the conditions to which you are accustomed back home,'' the former KGB and Federal Security Service official said at the opening of the Moscow International Auto Show.

"A [favorable] investment climate will be created in Russia consistently, invariably, in the traditions of a free market economy,'' Putin was quoted as saying by Itar-Tass.

He also declared that the government would make Russia a tax-friendly place for investors, Itar-Tass reported.

President Boris Yeltsin last month signed into law a bill to protect foreign investors from harmful tax changes if they meet key conditions, such as investing at least 1 billion rubles ($41 million) in a project included on a government list of investment priorities.