Putin promises crackdown on $111bln offshore money leak — RT Business

Putin promises crackdown on $111bln offshore money leak — RT Business:

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RIA Novosti / Michail Klimentyev

An estimated $111 billion of Russian money, or 20 percent of the country’s exports, is 'lost' offshore, President Putin said. To make Russian companies more transparent, he proposes stricter penalties for firms that avoid paying domestic taxes.

Addressing officials in a state of the nation address Thursday in Moscow, Putin balked at the capital flight and said losses incurred have directly damaged the state budget, and that forces behind Russia's economic slowdown are internal, not external.

Rosneft’s March acquisition of TNK-BP for $55 billion made it the world’s largest listed crude oil producer, but Russia lost out because the sale was outside Russian jurisdiction, as Putin explained to in front of Assembly members of the major investment dollars lost."

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