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The Russian oligarchs were driven from offshore

Российских олигархов погнали из офшоров

The administration of U.S. President Donald trump with the help of sanctions in three months managed to do what the Russian government was powerless to carry out the last 27 years, is to block the outflow of Russian money offshore.

After the April tightening of restrictive measures, which are accompanied by massive audits of the accounts of Russians in Cyprus, the freezing of assets of Oleg Deripaska and Viktor Vekselberg, with the elimination of the Baltic “Laundry” for Russian money laundering, wealthy Russians have problems with the withdrawal of capital.

The vast majority of the popular offshore jurisdictions have ceased to accept rubles in the second quarter, and key areas and even recorded an outflow of funds announced by the Central Bank of the Russian Federation in the quarterly report on direct investment from abroad.

The most serious difficulties arose in Cyprus is the main offshore “piggy Bank” of Russian money. For April-June the Russians brought from the island of 13 billion dollars – a record for the 4 year amount.

 

The outflow started after Cyprus came delegateobjname for foreign assets control of the U.S. Treasury division, is responsible for the coordination and practical implementation of sanctions.

After meeting with the leadership of the Central banks began to request the Russians have documents that previously were not required – proof of source of income, letter from employer, proof of taxes paid over the past two years, a statement about the status of your Bank account over the past year, real estate documents, and also documents confirming the right of ownership of the business description of the nature of the business.

 

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The volume of direct investments Russians in Cyprus was reduced from 179 to 166 billion dollars. However, it still is an impressive 10% of Russian GDP.

At the same time more than 10% of the withdrawn money had to return with the virgin Islands at the end of the first quarter the Russians had 43.5 billion dollars, and by the end of the second – were only 38,3 billion.

Direct investment in Austria has decreased from 31.3 to 29.7 billion dollars, the Netherlands – from 49.5 to 48.3 billion dollars, in Switzerland – from 18.7 to 17.5 billion dollars.

Stopped the outflow of Russian money to Bermuda, the island of Jersey, Monaco and Latvia, which has long been the home “Laundry” and transit points for the withdrawal of capital from Russia to the EU.

Trying to hide in Hong Kong also fell: in the first quarter, the Russians brought there about 1 billion dollars, increasing their investment by almost 6 times. However, in the second quarter, all investments had to be liquidated and the volume fell from 1,337 billion to $ 269 million.

Of the major offshore jurisdictions influx of Russian money recorded only a Bahamas – there for the quarter was derived $ 600 million, according to finanz.ru.

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