Putin Grasps at Straws as Economic Cures Fail to Impress - Bloomberg:
"Russian President Vladimir Putin’s recipe for riding out an economic storm has a whiff of panic, say analysts from Moscow to London.
The measures, announced yesterday in a 70-minute Kremlin speech to lawmakers and top officials, ranged from a proposed tax and legal amnesty for those repatriating capital to a four-year moratorium on tax increases. That’s too little, too late, say analysts at banks including VTB Capital and Danske Bank.
The Russian leader is trying to revive an economy battered by a tailspin in oil prices, a plunging currency and sanctions imposed by the U.S. and its allies over the conflict in Ukraine. With the country walled off from foreign funding and sapped by capital outflows, Putin needs to harness the billions stashed away in low-tax offshore jurisdictions in the years following the Soviet breakup in 1991"
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