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Russian businessmen using offshore schemes may face up to six years in prison

September 08, 2014, 21:04 UTC+3 MOSCOW
Up to one trillion dollars have been taken out of Russia to offshore zones over the past 20 years
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© ITAR-TASS

MOSCOW, September 08. /ITAR-TASS/. Russian businessmen using offshore schemes to evade taxes may face up to six years in prison if Russian parliament adopts amendments designed to deoffshorize the Russian economy.

The Federation Council upper house of Russian parliament submitted a package of anti-offshore amendments to parliament’s lower house - the State Duma on Monday, the Federation Council press service told ITAR-TASS.

Up to one trillion dollars have been taken out of Russia to offshore zones over the past 20 years. According to Sergei Ryabukhin, the head of the Federation Council Committee for Budgets and Financial Markets and one of the amendments authors, more than 40% of Russian foreign trade transactions are carried out through companies registered in offshore zones.

The Federation Council members headed by Speaker Valentina Matvienko urged Russia’s Vneshekonombank, which performs the functions of a development corporation, not to issue budget credits to companies that are not residents of the Russian economy.

A separate amendment concerns the contractual purchasing system. It forbids companies operating outside the Russian jurisdiction to use budget funds for purchases.

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