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"GIFT IFSC provides huge competitive advantage in terms of tax structure and supportive regulatory framework which is comparable with other global financial centers," he said, adding that other advantages include the waiver of taxes such as the security transaction, commodity transaction, dividend distribution and capital gains taxes, as well as the goods and services tax.

"From early on Australian officials led by my department has been meeting with developers and manufacturers of a number of promising vaccine candidates, both domestic and international, over recent months," he said in a media release.

"For those who set their sights on forming new enterprises, they need infrastructure, such as innovation parks, as well as resources including suitable financial products and experienced tutors who can offer targeted guidance," he said.

"Go to Moscow" is a Russian competition set up in 2014, under which, students of universities in the alliance who score good marks get a scholarship to study Russian at Moscow State Pedagogical University.

"For the most part, this particular brick-and-mortar store will be affected, along with others that operate in Southern California, if not even nationwide there," he said when asked about the economic impact of a possible ban.