The Russian aspects of the ‘Panama scandal’

The first series of the Panama Papers concerning how public figures from many countries use tax havens to carry out – at times illegal – financial operations was published on 3 April 2016. The papers contained information about approximately twenty Russian citizens, mainly businessmen, politicians and state officials and their family members, some of whom belong to President Vladimir Putin’s inner circle.

The contents concerning Russia were proof of what was already known about how power and ownership function there. They also provided a significant portion of previously unknown detailed information (of a partly illegal or legally dubious nature) about the financial activity of members of the Russian elite. They clearly suggested that President Putin was one of its beneficiaries, although no concrete evidence was presented against him. The first reactions from Moscow were to disavow the publication. One way in which they presented it was as another stage of the Washington-controlled conspiracy against Russia. The contents of the papers, even though the Russian government’s image was affected, for the time being did not seem to pose any serious political threat to the Kremlin.

ESO: Background information: Panama Papers: Putin rejects corruption allegations http://www.europeansources.info/record/panama-papers-putin-rejects-corruption-allegations/

ESO: Background information: The Panama Papers. Politicians, Criminals and the Rogue Industry That Hides Their Cash http://www.europeansources.info/record/the-panama-papers-politicians-criminals-and-the-rogue-industry-that-hides-their-cash/

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