A senior Russian politician has called for a complete ban on capital leaving Russia, specifically criticising investments in Monaco real estate as part of what he described as “legalised theft”…
Sergei Mironov, leader of the Just Russia parliamentary group in the State Duma, was responding to recent reports that Russian business figures have invested tens of billions of dollars in overseas assets since the start of the year, including property in Monaco, as well as cryptocurrencies, gold, private investment funds and projects in the Middle East.
According to reports by Monaco-Matin, Mironov was speaking to Russian news outlet Gazeta.Ru, when he accused wealthy oligarchs of moving money abroad instead of investing in Russia, and claimed the country’s Central Bank had made such transfers easier by relaxing restrictions on foreign currency transfers and overseas dividend payments.
Mironov urged the Russian government to strengthen, rather than ease, controls on capital leaving the country. His proposals include preventing export revenues from being held abroad, increasing taxes on offshore-linked companies and reducing the tax burden on domestic businesses.
He argued that tighter financial controls would help create what he described as a “sovereign economy”, while also repeating his long-standing criticism of Russia’s open economic model.
The comments reflect an ongoing debate within Russia over capital outflows and overseas investment, with Monaco once again cited as a destination for high-value international wealth.
Image: Pedro Bariak