Russia » Economics
Author`s name Michael Simpson

Use of Russian Assets Abroad in Focus

Losses caused by ineffective usage of Russian property abroad amount to $350-450 million a year
A group of Russian parliamentarians will initiate hearing of reports on the effectiveness of usage of Russian property abroad. An FK-Novosti correspondent learnt at the press service of the State Duma that these deputies say finance obtained through renting of residences and land is misused and the rent is often understated.

The activity plan for 2004 considered by the RF Clearing Chamber includes a check-up of the Presidential Administrative Department, the federal unitary enterprise Roszagransobstvennost (Russia's property abroad) first of all. The Duma committees for security and property believe that the Clearing Chamber will also check usage of Russian property abroad.

Outstanding expert for Russian assets abroad, Professor of the RF Diplomatic Academy Vladlen Sirotkin says that control over management of the Russian property abroad must be steady and thorough. Russia's losses in connection with this issue are still great, the professor says. Vladlen Sirotkin says that losses caused by ineffective usage of Russian property abroad amount to $350-450 million a year.

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