Russia’s economy suffers huge losses through offshore companies, says presidential adviser Sergei Glazyev.

“Eighty-five percent of foreign direct investments are investments of our business running through offshore companies with huge losses for the country’s financial and budget system,” he told the international economic forum of CIS member-states on Friday. “We lose approximately 1 trillion rubles of the budget revenues.”

Glazyev said every year approximately $50-70 billion “flow from our country and return.” “But this money goes from our country free of taxes and interests rates, but return with interest rates. Every year we lose $35-40 billion through this unequal exchange and twice as much, if we speak of illegal capital outflows.