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Putin tells Russian officials: ‘Close your foreign accounts or be fired’

Published: April 5, 2013 | 6:02 pm
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(CNA)-President Vladimir Putin has ordered all Russian officials to get rid of any bank accounts and financial securities they may hold abroad and bring them home to Russia by July 1, or face being fired, MinnPos reports.

The two decrees, suddenly and unexpectedly issued by Mr. Putin on Tuesday, will oblige all state officials to declare assets and divest foreign-held funds, and are seen by many experts as a potentially significant new impetus in the Kremlin’s declared struggle against corruption.

The new rules will strike a blow at the practice of “offshorization,” in which cash earned in Russia is exported to overseas tax havens. Analysts say that Russian officials, compelled to keep their money at home, will be more easily controlled by a Kremlin that has lately been cracking down on outside influences in a variety of ways, including forcing NGOs that obtain funding from abroad to self-declare as “foreign agents” to prohibiting US citizens from adopting Russian orphans.

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