Russian President Vladimir Putin has announced plans to relocate the offices of several major companies from Moscow to Russia’s regions.

Axar.az reports that he made the statement during the St. Petersburg International Economic Forum (SPIEF).

According to Putin, the move is intended to stimulate business development in the regions, strengthen local budget revenues, and create new jobs. He noted that among the companies expected to relocate is Russian Railways (RZD).

“I understand all the difficulties associated with changing a company's location, but these efforts need to be intensified,” Putin said.

He added that the initiative would also help ease the burden on Moscow.

“It will not harm the capital,” Putin said.