Several high level officials of the Russian government have hidden offshore companies in Panama and the British Virgin Islands, according to documents obtained from a Panama-based offshore services provider called Mossack Fonseca.
According to Russian law, these officials have been barred from engaging in foreign business activities since May 2013, when a Russian law on foreign financial instruments took effect. In addition, they may be in violation of the Russian de-offshoring law, which took effect on 1 April 2015, which requires Russian residents and companies to inform authorities of any foreign holdings above 10 percent. Further, parliamentarians are expressly forbidden from engaging in ‘entrepeneurial activities’.
Analysis done by Novaya Gazeta and the Organized Crime and Corruption Reporting Project suggests that these limitations have done little to deter the Russian offshore patriots.
During the rule of Hugo Chávez, the Venezuelan government awarded generous electricity contracts and oil concessions to a group of young businessmen who built power plants during a series of widespread blackouts. Almost 10 years later, as Venezuela continues to struggle with its electricity supply, leaked documents reveal more about the deals.
With his official salary, it would take the head bodyguard of Russia’s prime minister more than 100 years to pay for this luxury home.