YEREVAN, August 7. /ARKA/. Armenia’s capital outflow to offshore regions outside the CIS since 1993 has totaled $ 2.2 billion (36% of the foreign debt, $6.1 billion), Russian Business Newspaper informs referring to The Price of Offshore Revisited report by Tax Justice Network organization (TJN).
According to the report, since 1993 capital outflow from the CIS to the offshore states fetched up $1 trillion 194.8 billion. The least capital was outflown from Kyrgyzstan- $0.9 billion (23% of the current foreign debt, $3.9 billion). Capital outflow from Azerbaijan was nearly $48 billion, from Georgia- $4.1 billion.
The leaders in capital outflow to the offshore zones are Russia- $797.9 billion (207% of the foreign debt, $385.1 billion), Ukraine- $166.8 billion (144% of the foreign debt, $115.9 billion), Kazakhstan- $138.2 billion ( 118% of the foreign debt, $117 billion).
Uzbekistan outflew $23 billion, Turkmenistan- $3.4 billion, Tajikistan- $2.4 billion.
The report says that capital outflow from the CIS member states to the offshore zones hits over their current budget and other financial liabilities indicating their legislative and economic problems. As of the offshore zones, the major capital from the CIS was outflown to Cyprus, Luxembourg, Nethrlands (including some Holland autonomies in Caribbean basin), British Virgin Islands, British Isle of Man, Guernsey, Jersey and the Cayman.
According to the source, the offshore zones are also the major investors to the CIS, as well as re-investors. For example, Cyprus, British Virgin Islands and Luxembourg are reinvesting to Russia and Ukraine.—0-
