CASH CRUNCH?

Putin to Oligarchs: Please Bring $1 Trillion Home to Russia

As fear of new U.S. sanctions apparently begins to hit home, Russian President Vladimir Putin is asking wealthy Russians to repatriate an estimated $1 trillion in assets from offshore accounts. Putin told Russian lawmakers this week that a new “capital amnesty program” should be considered “given the foreign restrictions, which instead of lessening are now worsening.” Such a program would, he claimed, “stimulate the return of capital to Russia.” On Tuesday, Putin is said to have held a cabinet meeting in which he asked that officials finalize such a plan. “People should feel comfortable and secure and it shouldn’t involve additional expenses,” he said.