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Authorities refused to withdraw from the offshore large Russian companies

Власти отказались выводить из офшоров крупные российские компании

The Russian government decided not to transfer to the jurisdiction of the country from offshore all big business. Earlier it was proposed to carry out the forced de-offshore-isation for systemically important Russian companies.

As reported “Interfax” citing a source in the Cabinet, the draft resolution has received a negative opinion. Officials came to the conclusion that “coercive measures of the translation of a wide range of strategic organisations within the jurisdiction of the Russian Federation will create significant risks for the economy of the country.”

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Risks will arise due to the weakening competitive position in world markets and the fulfilment of contracts in the foreign economic sphere, the report says first Vice-Premier Igor Shuvalov.

It was about 199 legal entities, which account for 70% of gross national income. The list includes “ALROSA”, “Gazprom”, “Bashneft”, “Nornikel”, “Rosneft”, the largest retail networks, mobile operators and other companies.

The draft document proposed to refuse the state support and government contracts to the companies with Russian assets that are registered in a foreign jurisdiction.

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According to the National Bureau of economic research (NBER), the United States, Russia — in the list of world leaders by the volume derived offshore funds. In 2016, the Russian citizens kept in the offshore of about 60 trillion roubles, about 60% of the country’s GDP.

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