Post Cyprus Russia Bars Overseas Accounts for Officials

Post Cyprus Russia Bars Overseas Accounts for Officials
WikiImages / Pixabay

A law just passed in Russia will prevent any government official from keeping cash in overseas bank accounts or owning “stocks, bonds or foreign issuers’ shares outside Russia.” Any breach of this law will end in the politician being “sacked or forced to resign.” There is a fear in the homeland that investors keeping funds abroad are a threat to the well-being of the Russian government.

Post Cyprus Russia Bars Overseas Accounts for Officials


Seth Klarman’s 2021 Letter: Baupost’s “Never-Ending” Hunt For Information

Baupost's investment process involves "never-ending" gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group's process to identify ideas and answer the most critical questions about its potential Read More

Chairman of National Anti-corruption Committee of Russia, Kirill Kabanov stated: “Russians who are focused on their well-being in the West are a threat to the state, and most of all they are a threat to the power of the president”.

In light of recent economic woes in Russia and trouble faced by Russian investors in Cyprus, the government has encouraged individuals to repatriate capital they may have been keeping overseas. The suggested action hasn’t been taken seriously as Russian money has poured into the British Virgin Islands and other foreign havens like Luxembourg. Now that such action is illegal, at least among politicians and officials, it will be interesting to see how the scenario plays out. So far it seems some have already devised ways around the law.

However, it is significant that a higher rate of divorces by officials has been observed lately. This has led many to believe that divorces are an attempt to keep foreign assets and hold public office positions at the same time, since the accounts can remain with the divorced spouse.

Updated on

No posts to display