Russia sees $12bn drain on capital in the pipeline

Published: 30 August 2004 y., Monday
As much as $12bn (£6.7bn) is expected to be taken out of Russia this year, in the wake of the Yukos affair. Official estimates for capital flight out of Russia put the figure at nearly six times last year's $2.3bn. The capital flight has been sparked by the targeting by Russian tax authorities of Yukos, the Russian oil company, which provides 2 per cent of the world's oil. It is feared other companies could be next. This weekend Yukos warned it might have to cut production next month if Russian authorities do not give it more time to pay billions of dollars of backdated taxes they claim it owes. The tax ministry has levied 100bn rubles ($3.4bn) of backdated taxes for 2000. The deadline for payment is tomorrow. Similar taxes could be charged for 2001 and 2002. The company said last week that it was cutting spending by $700m a year so it could continue normal operations, as tax officials have frozen accounts. Officials "swept" $900m from the accounts last month to meet the back-dated 2000 bill. The company must also pay current taxes.
Šaltinis: news.independent.co.uk
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Health threat of petrol vapour set to evaporate

When you fill up your car with petrol you often find that your hand will reek of petrol unless you have worn gloves. more »

Falling EU economy set to stabilise as measures take effect

The EU is going through its worst recession since WWII. Inflation has slowed, but employment and public finances are hard hit. The situation should stabilise in 2010. more »

ATM outsourcing helps struggling FIs cut costs

In the current economic environment, banks should carefully analyze the current and future total cost of ownership of their technology assets, and evaluate the outsourcing alternative. more »

Reining in risky investing

Commission proposes first EU law on hedge funds and issues guidelines on bank pay practices. more »

Ways Are Sought to Defend Lithuania’s Business Interests Better

On 30 April, Lithuania’s Minister of Foreign Affairs Vygaudas Ušackas took part in the round table discussion “The European Union’s External Trade Policy and Lithuania’s Positions: Threats and Possibilities for the Lithuanian Industry”. more »

As the number of e-banking users rapidly increases, Bank SNORAS improves this service

Since 28 April this year, the clients of AB Bank SNORAS will be able to process their financial matters in a clearer and more user-friendly environment of “Internet Bank+” system. more »

Paying for the grey

2009 ageing report: Europe tackling the challenge of an ageing population but the recession threatens a setback. more »

3rd Energy Package gets final approval from MEPs

More choice, investment and security of supply lie at the heart of the 3rd energy package. more »

Swine flu fears boost drug giants

Swine flu, a new strain of influenza, has so far left more than a hundred dead. But in one sector, the illness could have huge benefits. more »

Europe's cross-border deal hunters

Central European bargain hunters are crossing borders for the best buys. Slovakian shoppers in Hungary are making the most of their new eurozone membership. more »