Support The Moscow Times!

Putin To Let Sanction-Hit Oligarchs Return $3 Bln to Russia, Anonymously

Vladimir Putin / Kremlin Press Service

President Vladimir Putin will allow wealthy Russians facing the threat of U.S. sanctions next year to anonymously bring home up to $3 billion of their assets via new government-issued bonds.

Putin has been on a so-called “deoffshorization” drive to compel major Russian companies and individuals to move their business activities back home. 

With a new round of U.S. sanctions against Kremlin-linked oligarchs expected next February, wealthy Russians have asked their government to issue special bonds that would help them repatriate foreign assets, the Reuters news agency reported this month.

Putin met with top business and government leaders on Thursday, telling them that he had ordered the government and central bank to work out a proposal to issue foreign currency-denominated bonds next year. 

“I instructed them to determine the necessary conditions and parameters for issuing these bonds to Russian investors and to get them into circulation already next year,” he said in public remarks published on the Kremlin’s website. 

Russia’s Finance Ministry confirmed the plan in a Twitter post on Thursday. 

“The Finance Ministry will work out the question of issuing eurobonds to Russian investors willing to return their capital into the Russian jurisdiction,” the Ministry wrote

The Kremlin will declare a “capital amnesty” to reassure businesses they will not face legal challenges over past tax and currency control violations, the Bell business news website reported.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more