After US and EU sanctions against Russian Federation.
The idea which was previously fought against - The biggest offshore banking zone ,
now getting a huge support on all levels
Russia considers creating an offshore bank out of International Investment Bank ? RT Business
Stern US Tax Evasion Law Targets Russian Banks - News - Politics - Voice of Russia - US Edition
Russia and US, since 2010, were in talks of Russia joining FATCA,
and reporting of financial accounts held by US persons/companies in Russian jurisdictions or controlled by russian firms
to US IRS was supposed to start on June 1st of this year.
Russia might adopt Foreign Account Compliance Tax Act in 2014 | Russia Beyond The Headlines
But because of sanctions, situation dramatically changed, and agreement looks like will be torn down and the russian banks were ordered not to dare to exchange any information with IRS:
Lawmakers warn Russian banks against giving up data under US FATCA ? RT Russian politics
It is unclear which way Russia finally will choose and which option will keep foreign investors in:
a) join FATCA and report to US IRS (preserving the friendly connections with US banking system).
b) refuse any US person to hold accounts in Russian financial institutions or force each to agree for IRS disclosure.
c) become an offshore banking zone (and uphold the banking secrecy laws, not to leak info to any foreign authority)