Several days ago the European Bank for Reconstruction and Developmentreleased some results of special research devoted to peculiarities of theinvestment climate in Russia. The conclusion of the bank's analysts is farfrom euphoric forecasts of Moscow politicians and it is quite unequivocal:capitals that were hidden in offshore zones by Russian businessmen will notreturn to Russia in volumes expected by Moscow, in the event a fiscalpardon is announced. According to EBRD experts, the outflow of capital inthe 1990s was from $20bn to $25bn per year. If some capital is returned, itwill be a very small part that will not be able to improve the currentsituation with investments in Russian economy. It means that the idea withthe tax pardon will not result in any economic effect. However it willstrengthen the public's opinion that it is possible and necessary to playunfair with the state. When the time comes, it will forgive previous sins,the Nezavisimaya Gazeta newspaper reported..