Russian President Vladimir Putin believes that Russia should create its own national rating agency, he said at the annual news conference on Friday.

“We absolutely need to create our own national rating agency, to develop consulting,” Putin said.

“These structures need to be completely transparent and have recognition of the business community. Otherwise, their work would be meaningless – if we eliminate all our partners from the market and do not create our counterparts respected and recognized in the business community – the business itself will suffer,” Putin added.

The president noted that in this case information from domestic companies will not be taken into account by potential investors, which might limit the inflow of investments in Russia. “However, it is necessary to move in this direction, to raise sovereignty,” Putin concluded.

President Putin urged not to abandon international rating systems, as it might adversely affect inflow of foreign investments.