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U.S to sic IRS on Russian banks

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Posted: May 5, 2014 7:15 PM by Michael Marsh
Updated: May 5, 2014 7:15 PM
Source: Associated Press

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Topics: Russian banks, IRS, Ukraine, U.S.

WASHINGTON- The Russians ought to be worried about this: the U.S. is using the IRS to make it more expensive for Russian banks to do business here.

It's the latest weapon in the arsenal to punish Russia for its incursion into the political affairs of Ukraine.

Starting July 1, a law passed in 2010 to curb tax evasion through the use of overseas accounts takes effect. It will target financial institutions that don't agree to share information about U.S account holders with the IRS.

Russia had been negotiating an information-sharing agreement but the talks were suspended when Russia annexed Crimea and stoked separatist movements in Ukraine.

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