Beginning in July, federal law requires U.S. banks to start withholding a 30 percent tax on certain payments to financial institutions in other countries without an information-sharing agreement, such as Russia.
May 06, 2014 at 09:00 AM
1 minute read
The United States is planning to use an anti-tax-evasion law to punish Russia for its actions in Ukraine, a tactic that could prove to be more costly than sanctions.
The law was passed in 2010, long before the crisis in Ukraine. But it could become a powerful economic weapon.
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