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The Russian government and the nation’s financial watchdog are reportedly working on a bill to prevent capital flight. The plan implies banning suspicious transactions to foreign bank accounts.
The Russian authorities want to battle a popular scheme for withdrawing money – when a company based in Russia transfers cash to a non-resident firm after a court ruling. It works like this: the foreign firm initiates a legal dispute demanding a payment of debt, and the defendant, a Russia-based firm, agrees. Then a bank receives a document based on the court decision, a writ of execution, and is obliged to wire …