“Russia’s government is temporarily seizing $7.6 billion in savings from non-state pension funds while it carries out inspections, a move critics say looks like a ‘confiscation’ aimed at plugging a hole in next year’s state budget. Prime Minister Dmitry Medvedev told ministers Thursday that the government needs to check that the money Russians channel to private pension funds is safe. To do this, it will seize 244 billion rubles ($7.6 billion) from non-state pension funds and put them into the state pension fund. Pension funds hold more than $100 billion in assets. Government officials say they’ll just hold the money on the state pension fund’s books for a year while the checks are carried out.”
http://blogs.wsj.com/emergingeurope/2013/10/03/russia-to-grab-pension-money-temporarily/
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