12 May 2021 13:23

Govt should be more active in containing money outflow instead of making excuses - Duma Speaker Volodin

MOSCOW. May 12 (Interfax) - State Duma Speaker Vyacheslav Volodin has urged the government to promptly create an effective mechanism to contain money outflow.

"As for the money outflow, it's huge, and all these resources could be kept inside the country. Long conversations are sometimes conducted between us and a deputy minister or between you and a minister; maybe, they'll finally start searching for funds and offering solutions that will help us keep money inside the country. Let us remember that people are waiting for such decisions. We have instructions from the president. Meanwhile, excuses are being made, and we are practically convincing ourselves. After all, everything depends on us," Volodin said at a plenary meeting of the State Duma at which Prime Minister Mikhail Mishustin delivered an annual government report on Wednesday.

Mishustin said earlier in his report that Russian companies in the fuel and energy complex lead other sectors in transferring funds abroad from Russia via dividends, royalties, and interest payments, accounting for 27% of the total figure for the country's economy. Additionally, the prime minister said that the fuel and energy complex is followed by companies in the metals and banking sectors, respectively.

Money outflow from Russia was the first question put to Mishustin. Volodin asked it and said that all deputies, regardless of their factions, share the same concern. On the one hand, damage is being done to the economy, considering that money could have stayed inside the country and could have been invested in the development of domestic enterprises. On the other hand, assets transferred abroad run the risk of sanctions.

"Apparently, life doesn't teach anyone anything, considering that sanctions and the unfriendly steps taken by other countries as a rule lead to the eventual freezing of these funds," Volodin said.

The issue was highlighted at a meeting with the heads of the Finance Ministry on Tuesday, Volodin said. Preferential tax regimes in other countries were discussed, among other issues. Deputies "did not receive a coherent answer," he said.