Rich Russians withdrew to offshore more than a trillion dollars

Offshore capital the Russians have three times the level of foreign exchange reserves of the country. Citizens are kept in offshore accounts an amount equal to 75 percent of the gross national income (GNI), the amount of reserves the country is 25 per cent of GNI. This is stated in the study by the National Bureau of economic research USA.

The volume of currency reserves of Russia is about 350 billion dollars (data of the Central Bank of 1 August). Thus, according to the Bureau offshore contains more than a trillion dollars, or more than 60 trillion rubles.

The volume of offshore capital equal to the value of financial assets in the country, the document says. “That is, the amount of state stored rich Russians abroad — in the UK, Switzerland, Cyprus and other similar offshore centers are equal to the assets held by the entire population of Russia in the country”, — the authors of the study.

Experts point to the extreme levels of inequality and concentration of resources based on rent. Currently, the imbalance in income distribution in Russia is at the level of USA — 1 percent of the population receive 20-25 percent of all income in the country.

In April 2016 Sergei Menyailo, as Governor of Sevastopol, said on neobhodimosti create in the Crimea area superior — like offshore — instead of the current free economic zone (FEZ).

In 2013, Russian President Vladimir Putin instructed to develop measures deofshorizatsii economy. The head of state suggested to apply the Russian tax rules in respect of companies registered in offshore and belong to the Russian owner.