The alleged $400 million theft by Russia of $1.2 billion from its foreign reserves, in a scheme known as the “Kremlin insider’s tax,” has prompted investigations by the United States, the International Monetary Fund and the European Union.
While some analysts believe the money may be the equivalent of a single $100 billion transfer, it’s unclear who would benefit and how much the Russians would lose.
The alleged theft occurred in 2017 when Russia and the United Kingdom signed a $500 billion deal.
The deal included a 10-year, $1 trillion loan guarantee from the IMF and a 10 percent cut in U.S. federal taxes, as well as $1 billion for Russia’s military and intelligence agencies, according to U.K. and U.N. documents.
However, the Russian Ministry of Finance declined to comment, saying it is “not prepared to discuss the specifics.”
According to documents from the Treasury Department, the Russians were required to report to the U.P.S., the Russian Overseas Finance Corporation, the Ministry of Foreign Affairs, the Interfax news agency and the Ministry for Foreign Trade.
A spokesperson for the Russian Foreign Ministry did not respond to a request for comment.
The documents indicate the Russians received a $1 million loan guarantee, $500 million of which was earmarked for Russia at the time of the alleged transfer.
The remaining $400,000 of the loan guarantee was paid out over 10 years, with $150 million paid in 2015 and $250 million in 2016.
A Treasury spokesperson told CBC News that the U of S. Treasury does not comment on individual countries or the details of specific loans.
The document from the United Nations indicates the loan agreement would only be extended through 2024.
In 2016, the U