December 06, 2017, 12:41 / Finance / News

The Ministry of Finance does not see the need for special tools for asset repatriation

There is no need to create new special instruments for the return of foreign assets to the country, Deputy Minister of Finance Alexei Moiseev told reporters.

“From my point of view as a person responsible for the development of financial markets, I believe that we have many tools, good and different. We have indeed observed an influx of foreign capital into Russian financial assets. The influx was across a wide spectrum, which once again confirms that our infrastructure is well-functioning, works well, and, from my point of view, I don’t see the need to do anything specially additional,” Moiseev said (quoted by Interfax). .

Earlier, Reuters, citing informed sources, reported that wealthy Russians, fearing US sanctions, came up with a proposal to issue sovereign bonds of the Russian Ministry of Finance denominated in foreign currency in order to be able to profitably return their capital to the country.

This information was confirmed to Vedomosti by two officials from the financial and economic bloc. “There were requests from large businesses to the authorities with a request to create a convenient tool for returning personal capital to Russia in foreign currency,” said one of the officials. We are talking about an amount of approximately $3 billion, another official clarified.