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PM offers to consider offshore zone in Russian Far East

“We have a lot of good places there – Sakhalin, Kurils,” Dmitry Medvedev said

MOSCOW, March 21 (Itar-Tass) – At a government session on Thursday, Russian Prime Minister Dmitry Medvedev came up with a proposal to think about creating an offshore zone in Russia’s Far East.

“Maybe we should think about creating an offshore zone in the Far East,” he said at the government session. “We have a lot of good places there – Sakhalin, Kurils,” he added.

“Besides, maybe part of the money that is in Cyprus as well as in other zones that are not mentioned at the moment for clear reasons – BVI (the British Virgin Islands), Bahamas, – will move there,” Medvedev added.

“Of course there is a danger that all will be registering there, but this is a matter of legislative procedures,” the prime minister said. “Anyway, we need new instruments for the development of the Far East,” he stressed, asking the cabinet ministers to think about the offer.

Focusing on a difficult financial situation in Cyprus, he said “the whole world is discussing Cyprus”. “Sooner or later everything will be settled, and I hope the decision won’t be a confiscatory one, but a reasonable and up-to-date,” he said.

In an interview with European editions published on Thursday, he stressed the capitals transferred illegally should be looked into. “We are only for it. We meant it as we started speaking about de-offshorization of the international life. By the way, it is worth analyzing Cyprus, as well as other locations, in the world there are many special jurisdictions, and it is necessary to see, whether the BVI, for example, are better than Cyprus or worse, or the Bahamas or what not,” he said.

“There should not be double standards, or at some point we shall have to make a decision to organize an offshore zone. Then, the capitals will be inflowing with pleasure. Speaking about a more transparent situation – we are for it, the most important is that the normal existence of the financial system remains non-violated, as we have many open public structures working via Cyprus,” the prime minister said.

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