Vladimir Putin tries to lure $1 trillion home as US sanctions fear deepens

MOSCOW: President Vladimir Putin is using the threat of additional US sanctions to encourage wealthy Russians to repatriate some of their overseas assets, which exceed $1 trillion by one estimate.

Putin told lawmakers on Tuesday that a new capital amnesty programme was needed “given the foreign restrictions, which instead of lessening are now worsening,” according to a transcript posted on the Kremlin's website. This “should stimulate the return of capital to Russia,” the president said, without specifying how long the measure will last.

“People should feel comfortable and secure and it shouldn’t involve additional expenses,” Putin said Tuesday at a Cabinet meeting where he ordered officials to finalise the plan.