Russian Federation Attempting To Ban Representatives From Foreign Investment

Discussion in 'General Survival and Preparedness' started by TheEconomist, Aug 2, 2012.

  1. TheEconomist

    TheEconomist Creighton Bluejay

    The Moscow Times are reporting that the United Russia party is in an attempt to ban Duma officials from posses assets outside of Russia. They believe that any official who owns assets outside of Russia is at risk of being controlled by outside forces.

    Passing the bill will "ensure the independence of Russia and promote making unbiased governance decisions," he said in a telephone interview. "If a person has one foot in a foreign country, this can't speak in favor of that person's independence."
    Andrei Lugovoi, co-author of the draft and a deputy with the Liberal Democratic Party in the State Duma, said that individuals who own property abroad are potential candidates to be employed by foreign security services.
    "Given that officials often have access to state secrets, the safety of Russia depends on whether they have property abroad," he told RIA-Novosti.

    I believe this could have a different effect. Banks and financial institutions in Russia are still held by the government to some extent and their release/privatization has been slow coming and met with opposition from higher level officials unwilling to turn over power. By limiting their officials to invests solely within the Russian Federation they are opening them up to more state persuasion. Corruption, the very thing they are trying to prevent, will become more centralized from its source than when representatives are allowed to invest diversely abroad.
    Also to be noted. This will created a more closed economic system and help to retain wealth within the country due to these restrictions. If this was ever to be passed on down past the Duma officers it could close off foreign investment for a larger segment of the Russian population. This would cause greater isolation.

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