The ‘de-offshorisation’ of the Russian economy
Recent times have been difficult for Russian entrepreneurs and Russian businesses with an international presence. The future looks even more uncertain.
Russia has been speculating about introducing anti-offshore measures for several years. Some measures have already been introduced. However, as the volume of capital flight from Russia to foreign jurisdictions shows no sign of shrinking, the Russian president in his state-of-the-nation address in December 2013 stressed the need for urgent measures to ‘de-offshorise’ the economy. The new legislation may be in force as early as 2015.
It is now the right time to review your existing structures — both corporate and private — so as to assess possible risks and identify future strategies. New structures should be carefully thought through to ensure compliance with the best international practices…
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