07:11 GMT28 September 2020
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    Business needs to be registered in Russian jurisdiction, if it wants to receive profit by participating in state purchases, Medvedev said during a government meeting.

    MOSCOW, December 25 (Sputnik) – Russian offshore companies will have no access to state tenders, Russian Prime Minister Dmitry Medvedev said Thursday.

    “The tenders will be rejected. The government has no plans to pay for these goods and services. If a business wants to receive profit by participating in state purchases, then it needs to be registered in Russian jurisdiction,” Medvedev said during a government meeting.

    Earlier this week, the Russian government commission of legislative activities approved a bill prohibiting governmental contracts with companies registered in off-shore jurisdictions. The new law was developed by the Ministry of Economic Development and is aimed at supporting domestic producers of goods and the promotion of import substitution. The bill establishes a ban on contracts with companies registered in states listed as offshore. The bill will be reviewed at a government meeting.

    Last month, Russian President Vladimir Putin signed a law introducing the obligation to notify the tax authorities about participation in foreign companies. The law adds to the chapter of the Russian Tax Code regarding taxing profits of offshore companies.



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    offshore companies, economy, business, Dmitry Medvedev, Russia
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