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Former Finance Minister Kudrin: anti-offshore proposals will not reduce capital outflow

December 12, 2013, 16:02 UTC+3 MOSCOW

These are right measures in relation to state-run companies, he admitted

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MOSCOW, December 12. /ITAR-TASS/. Measures proposed by the Russian president in his annual state-of-the-nation address to de-offshore domestic economy will not reduce the outflow of capital from Russia, former finance minister Alexei Kudrin, who chairs the Civil Initiatives Committee, writes in his Twitter blog.

“Unfortunately, in our conditions the measures to de-offshore economy will unlikely reduce the capital outflow. These are right measures in relation to state-run companies,” he said.

In his state-of-the-nation address Vladimir Putin proposed that Russian offshore-registered companies should be taxed under Russian tax rules. He said such companies should be banned from getting Russia’s government contracts and state loan guarantees from Vnesheconombank.

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