Russian lawmakers say they plan to overhaul the law on economic crimes, resulting in the early release of as many as 100,000 imprisoned executives and entrepreneurs as the government seeks to attract investors.
Andrei Nazarov, deputy head of the committee that handles civil and criminal legislation in the lower house of parliament, on June 30 introduced amendments to the criminal code designed to implement a decree by President Dmitry Medvedev. Nazarov said he will offer further amendments, including one ending pre-trial detention for economic offenses.
“We are taking economic amnesty not as one law but as a series of legal changes,” Nazarov said in a phone interview. “At least 100,000 businessmen will be released from prison or will have to spend less time in jail. This will happen within the next year and a half.”
Medvedev is trying to show investors their rights will be protected as he asks Apple Chief Executive Officer Steve Jobs and Citigroup CEO Vikram Pandit to help diversify the economy.
