Putin urges business leaders to return funds to Russia and hinted at further sanctions

[uhnope]

Source: AP

MOSCOW (AP) — Russian President Vladimir Putin has urged a gathering of billionaires and business leaders to bring money back to the country from offshore accounts, warning that funds kept abroad could be frozen.

In an apparent reference to the possibility of further U.S. and European Union sanctions on Russia for its involvement in the Ukraine crisis, Putin warned Thursday of a possible "limit on the use of these capital amounts which are located in foreign jurisdictions." Citing "disturbing information from a number of countries," Putin said he suspects that "attempts could be made to obstruct" efforts to return capital to Russia. "Just bear that in mind," he told the assembled audience.

The speech was followed by a private meeting with several top oligarchs, at which Putin emphasized funds should be brought to Russia promptly, billionaire Oleg Deripaska told local TV. "The president said that businessmen who have taken the decision to return money to Russia should not delay. That was his main message," Deripaska said.

As a record amount of $151.5 billion was pulled out of Russia last year, Putin in December proposed a capital amnesty, under which funds brought back to the country would not face questions on tax and other issues. On Thursday, he insisted the amnesty would have to comply with international money-laundering rules to prevent "capital earned in an illegal manner" from being amnestied.

Read more: http://www.usnews.com/news/business/articles/2015/03/19/putin-urges-russian-business-leaders-to-return-capital

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[NoJusticeNoPeace]

1. How can he freeze funds kept abroad? Putin is a little fuck who wants a war, he is just like

Bush and Cheney, he saw how much fun they had playing with their toys, i.e. military, now he wants to

[PSPS]

2. He means they would be frozen by future sanctions.

[NoJusticeNoPeace]

3. Oh, yeah...dumb me. I truly believe Putin wants to play war

[Yo_Mama_Been_Loggin]

4. So he can confiscate those funds?

[littlewolf]

5. confiscate is such a strong word. hmm reutilize sounds better.

[freshwest]

7. Freezing them isn't confiscation, but they wouldn't have access. But he just gave them enough time

to withdraw them and keep them safely out of reach, no?

[Yo_Mama_Been_Loggin]

9. I meant Putin

[freshwest]

10. So did I. These guys have just been alerted their loot is in danger. I think...

[DallasNE]

8. Closing The Barn Door After The Horses Got Out

Yes, Putin can block the money from returning to Russia but that would be counter-productive because it would cause Russian companies to set up operations in foreign countries, exporting Russian jobs. Putin has gotten himself in a pickle and he is just lashing out because he has been outmaneuvered.

[freshwest]

11. He appears to be framing it as something like going after tax dodgers, though, no?

[DallasNE]

12. What Exactly Does He Mean By A "Capital Amnesty"

Normally that means tax free. But I suppose that could also mean pay your tax and there will be no interest or penalty added to the taxes owed. But they have to consider other risks like is the money safer where it is currently parked or in Russia. Could Russia nationalize these funds? And what happens if you bring it back and the Ruble loses even more value. Obviously, bringing it back could help stabilize the Ruble so it could also be positive. Then there is Putin himself. He is pretty volatile so how much can you trust him to keep his word.