Deoffshorization and anti-Russian sanctions

Boris Aronovich Kheyfets
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Boris Aronovich Kheyfets: Institute of Economics, Russian Academy of Sciences; Financial University under the Government of the Russian Federation, Moscow, Russia

Russian Foreign Economic Journal, 2018, issue 8, 15-31

Abstract: The article assesses the main results of the campaign for deoffshorization of the Russian economy in 2012-2018. Along with certain positive results, at the first stage it was not possible to overcome differences in the interests of individual participants in the process of deoffshorization. The introduction of Western sanctions against some Russian companies and individuals since creates new realities for deoffshorization. On the one hand, there is a significant increase in the pressure on offshore assets, which pushes their beneficiaries to return capital to Russia. On the other hand, these same sanctions force us to seek ways to conceal the capitals that have fallen under them, which contradicts the ideology of the deoffshorization policy and Russia's international obligations. In this connection, it is proposed to pursue a more flexible policy that does not contravene the country's international obligations, but at the same time it meets its interests of preserving national economic sovereignty.

Keywords: Offshore assets; deoffshorization; capital amnesty; automatic information exchange; tax residency; anti-Russian sanctions. (search for similar items in EconPapers)
Date: 2018
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