Removing Capital From Russia Not a Crime — Ignatyev
Interfax - 7.20.12 - JRL 2012-133

NOVO-OGAREVO. July 20 (Interfax) - There's nothing reprehensible about removing capital from Russia unless it is done by criminals, Central Bank Chairman Sergei Ignatyev said.

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"Taking capital out isn't a crime. I don't see anything reprehensible in this at all in the majority of cases. If you've earned the money, paid tax, then bought, say, a flat somewhere on the Bulgarian coast, then praise be. This is no more improper than going abroad and buying, say an iPad - the same outflow of money from Russia, really, the same macroeconomic consequences," Ignatyev said at a meeting of the presidential Economic Council, commenting on statements by some economists about a possible analysis of the removal of capital from the country.

"But very frequently, and we do see this, capital is removed as part of a scheme designed to avoid tax, to legalize, say, kickbacks for bureaucrats, maybe to finance drugs imports and so on," he said. This is a serious problem and we need to combat it," he said. "It's a serious problem... ...not just in times of crisis but in better times as well, and we see this," he said.

Keywords: Russia, Economy, Unemployment - Russian News - Russia - Johnson's Russia List

NOVO-OGAREVO. July 20 (Interfax) - There's nothing reprehensible about removing capital from Russia unless it is done by criminals, Central Bank Chairman Sergei Ignatyev said.

file photo
"Taking capital out isn't a crime. I don't see anything reprehensible in this at all in the majority of cases. If you've earned the money, paid tax, then bought, say, a flat somewhere on the Bulgarian coast, then praise be. This is no more improper than going abroad and buying, say an iPad - the same outflow of money from Russia, really, the same macroeconomic consequences," Ignatyev said at a meeting of the presidential Economic Council, commenting on statements by some economists about a possible analysis of the removal of capital from the country.

"But very frequently, and we do see this, capital is removed as part of a scheme designed to avoid tax, to legalize, say, kickbacks for bureaucrats, maybe to finance drugs imports and so on," he said. This is a serious problem and we need to combat it," he said. "It's a serious problem... ...not just in times of crisis but in better times as well, and we see this," he said.