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вторник, 25 июля 2017 г.

How from Russia 10 billion dollars were withdrawn

New Yorker journalist Ed Cizar spoke in detail about the activities of the Russian branch of Deutsche Bank and the scheme by which 10 billion dollars were withdrawn from Russia. However, the journalist could not unequivocally answer the question, whose states were hiding in this way.
Journalist Ed Cizar conducted an investigation into the activities of the Russian branch of Deutsche Bank, the results of which are published in the August issue of New Yorker. Currently, Deutsche Bank is being investigated by the US Department of Justice, the New York State Department of Financial Services, and the financial regulators of the UK and Germany.

His article begins with a story about how a Russian broker Igor Volkov for several years almost every day called the department of shares of the Moscow headquarters of Deutsche Bank, talked with the trader for sales and asked him to conduct two transactions simultaneously. The broker bought shares of a Russian blue chip company (for example, LUKOIL) for Russian rubles for a Russian company that he represented, and then, acting in the interests of another company, usually registered offshore, sold the same Russian shares in London for dollars , Pounds or euro. Both companies - Russian and offshore - had the same owner, that is, Deutsche Bank helped the client to buy and sell shares in himself, the journalist writes.

These seemingly seemingly pointless transactions were a way of converting money: rubles stuck in Russia turned into dollars hidden abroad. In the press, this is also called mirror trading, the author specifies. And by themselves these transactions are legitimate, but such repetitive transactions have prompted the author of the article to think of a conspiracy to transfer and conceal money that is of questionable origin. According to the service report of Deutsche Bank, until April 2015, about 10 billion dollars were withdrawn from Russia under this scheme.

The author of the article in New Yorker reminds that Deutsche Bank came to Russia in 1881, and now the bank has about one hundred thousand employees in 70 countries. He is one of the ten largest banks in the world, and his head office remains in Frankfurt. Many scandals are associated with the activities of Deutsche Bank. Since 2008, according to Ed Cizar, he has paid fines and compensations for more than $ 9 billion for manipulating gold and silver prices, fraud against mortgage companies and violation of US sanctions against Iran, Syria, Libya, Myanmar and Sudan.

In April 2015, the mirror trading scheme in Deutsche Bank was exposed. After a two-month internal audit, three employees of Deutsche Bank were suspended from work. The Bloomberg publication claimed that part of the money withdrawn by Deutsche Bank belonged to Igor Putin, the cousin of the Russian president, and Arkady and Boris Rotenberg, included in the US sanctions list. In September 2015, the chief executive of Deutsche Bank announced the termination of investment banking in Russia.

'In Russia, many firms evade taxes by placing their head offices in offshore jurisdictions, for example in Cyprus. Rich Russians often send their personal fortunes to offshore, trying to hide their assets from the capricious and rapacious Russian state, 'the author of the article says.

According to a study by Deutsche Bank analysts, the undeclared inflow of money from Russia to the UK was closely related to the growth in prices for British real estate. In addition, the outflow of capital weakened the Russian tax base and the ruble. In the conditions of the fall of the ruble and the economic recession, Russians are even more eager to withdraw money abroad, and mirror trading represents an ideal opportunity for this.

'Whose states were hiding in this way?' The author of the article asked. The source of the journalist, a Moscow broker who worked with clients of mirror transactions of Deutsche Bank, told Cesar that it is unlikely that 'richest Russians like the Rothenberg brothers' would resort to mirror deals. According to him, Putin's friends had a lot of ways to transfer their money to offshore, including through Russian state-owned banks like Gazprombank, which have foreign branches.

However, other experts did not agree with the broker: the anti-Russian sanctions of the US and the EU made it difficult for Russian billionaires to withdraw money abroad, and mirror transactions have the advantage that they are implemented using relatively small amounts. Cesar also refers to another Russian source, according to which a large part of the money belonged to 'Chechens with connections in the Kremlin.'

Representatives of Deutsche Bank did not inform the publication, whose money was exported abroad through mirror trading. But the bank's chief executive said that the bank did not help the Russians included in the sanctions list.

New Yorker cites a report of experts from the London branch of Deutsche Bank, published in March 2015, according to which since 2010 in London every month

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