Even with Russia's recent financial crisis, Zhurek said Harvard will honor the agreement it made with Moscow last January.
But because of the economic turmoil, the implementation will take much longer than MMI anticipated, Zhurek said.
Harvard will continue to work with Moscow at least until next summer, he said.
Jay H. Walder, a representative from MMI, also commented on the fragility of the Russian economy.
"Post-August 17 Russia is obviously much different from pre-August 17 Russia. We will have to modify our procedure to the new macroeconomic environment there, but we will still be working closely with them," said Walder, who is also a lecturer in public policy at the KSG.
The MMI plan will create the first market-based mortgage system used in Moscow, which in combination with Russia's economic instability, makes this initiative precarious, Zhurek said.
Zhurek said Harvard has been staying in close contact with the Moscow city government to help establish new stabilizing legislation.