Putin on the offensive

Russian President Vladimir Putin has called on the Russian billionaires and businessmen to invest their capital back to Russia because there is a possibility for their assets abroad to be frozen.

Apparently referring to the possibility of further sanctions from the United States and the European Union to Russia because of the crisis in Ukraine, Putin warned of possible “utilization restrictions of the capital which is under foreign jurisdiction”.

“Based on the disturbing information from a number of countries, the impression is that there may be attempts to prevent the return of capital to Russia. This means that it is possible to limit the use of capital under foreign jurisdiction. Keep that in mind,” said Putin.

Last year, from Russia  was withdrawn more than $ 150 billion, which is 2.5 times more than in 2013. For comparison, during the last economic crisis, in 2008, $133.6 billion was withdrawn from Russia. Experts believe that sanctions from the West are the main reason for the withdrawal of capital from the country.

In December, Kremlin proposed an amnesty for those who return capital, promising that they will not be faced with investigations of paying taxes. Putin, however, now pointed out that the law on amnesty of capital should not be taken arbitrarily. “We will continue to create the most favorable conditions for all those who are willing to invest in our economy and industry” promised the head of the Kremlin.

Ukrainian crisis and the decreasing of oil prices have left their effects on the Russian economy, Moscow believes that they are free to expect stabilization of the economy and the financial sector. After months of decline, the Russian ruble strengthens, and based on the statements of Russian officials, the economy has adapted to sanctions.

Russian billionaire Oleg Deripaska, however, found that the peak of the crisis in the Russian economy is expected in August or September. He believes that the anti-crisis measures implemented by the government are not enough. According to him, Russia is in a state of even deeper crisis compared to that of 2008 and 2009.

Deripaska also said that, in a private meeting with some of the richest moguls, Putin said that funding should be immediately, without delay, returned to Russia.

Source: Vesti online

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