The Russian government is to consider new laws that would allow Moscow to challenge the power of London and New York as a financial centres, just months after the country's president admitted that promoting the city to overseas bankers and fund managers was no longer the top priority.

New legislation eliminating work permits for foreigners working in the country's financial services sector and extending visas to five years, is designed to make it easier for investment bankers, asset managers and other financial services sector workers to relocate to Russia and work in the capital. It was submitted to the Russian parliament yesterday and will be voted on later this year.