The government may want oligarchs out but it can’t bank on City sanctions

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The financial industry may use Brexit uncertainty as a lever to resist rejecting Russian roubles

Russian oligarchs, the rouble and the Moscow stock market all felt the pain of US sanctions last week. The share price slumps at Oleg Deripaska’s En+ and Rusal companies, the steepest daily fall in the national currency for three years, and a double-digit hit to the dollar-denominated RTS index all showed that it is possible to punish Vladimir Putin and his associates.

But the international community needs to be vigilant. At the same time that US sanctions were wiping billions of pounds off the value of Russian companies, Russia’s president was preparing a consolatory gift to sugar the pill. The Kremlin has, according to multiple reports, drawn up plans for two new domestic tax havens aimed at Russian millionaires and billionaires who may be considering whether to repatriate their wealth and take shelter from tit-for-tat sanctions.

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Source: russia
Link : The government may want oligarchs out but it can’t bank on City sanctions

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