Kremlin seeks to set up offshore havens to help oligarchs under sanctions – media

The Russian authorities are discussing a project to create two areas in the country with a special tax regime and features of an offshore jurisdiction.

One such area will be located on Oktyabrsky Island ("October" or "Lomse") in the city of Kaliningrad, while the second one – on the Far Eastern Russky ("Russian") Island, according to the Russian newspaper Vedomosti, referring to its sources.

As reported, Russian businessmen who "fell victim" to international sanctions will find in these territories support they might require.

The bill on special territories was developed by Russia's economic development ministry, and is currently being discussed with the relevant departments. It is expected to be adopted at the State Duma's spring session.

Read alsoRusal shares plunge over 40% on U.S. sanctionsA representative of the Kaliningrad City Administration told the publication that the idea is now at the stage of discussion. Another official noted that such a bill had been discussed for a long time, while the tightening of the U.S. sanctions had intensified the debate.

As was reported, the U.S. authorities on April 6 introduced a new package of restrictive measures against several Russian businessmen and companies they own or control, as well as a number of Russia's high-ranking officials.