Economics
Putin Tries to Lure $1 Trillion Home as Sanctions Fear Grows
- U.S. penalties getting worse, Russian leader warns lawmakers
- New effort to lure funds home includes waiving 13% income tax
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President Vladimir Putin is using the threat of additional U.S. sanctions to encourage wealthy Russians to repatriate some of their overseas assets, which exceed $1 trillion by one estimate.
Putin told lawmakers late Monday that a new capital amnesty program was needed “given the foreign restrictions, which instead of lessening are now worsening,” according to a transcript posted on the Kremlin’s website. This “should stimulate the return of capital to Russia,” the president said, without specifying how long the measure will last.