Grigory Yavlinsky: Where are the dividends of oil and gas concerns going and how to make pensions of Russian citizens worthy
Grigory Yavlinsky’s web-site, 14.05.2021
Speaking in the State Duma, Prime Minister Mikhail Mishustin said that the amount of dividends that Russian companies brought abroad in 2019 amounted to 4.3 trillion roubles (these are passive incomes of companies, dividends, interest, royalties, and rent payments).
Where was it siphoned? For example, to Cyprus and Malta, Luxembourg and the Netherlands.
Who siphoned it? Most of the funds were withdrawn by the companies of the fuel and energy complex – about 27% of all dividends. Then there goes the metallurgical sector and banks, followed by retail trade, management of commodity and financial flows and other industries.
What, in fact, did the head of government tell us? That the largest Russian companies have been transferring this money abroad instead of investing their profits into the Russian economy. That these funds are deposited in someone’s foreign accounts instead of accumulating, for example, in the Pension Fund of Russia.
The problem is not new. I spoke about where the dividends of oil and gas concerns go and how to make the pensions of Russian citizens worthy in 2017, before the past presidential elections, after which the “newly” elected President Putin raised the retirement age.
Grigory Yavlinsky
is Chairman of the Federal Political Committee of the Russian United Democratic Party YABLOKO, Vice President of Liberal International, PhD in Economics, Professor of the National Research University Higher School of Economics.
Posted: May 14th, 2021 under Без рубрики.