Deputy PM Shuvalov becomes top-earning Russian official in 2012

Deputy PM Shuvalov becomes top-earning Russian official in 2012
Russia's Deputy Prime Minister Igor Shuvalov whose wife was reported to have offshore accounts, turned out to be the top-earning official in the Russian government.

He earned 226 million roubles (around $7.3 million) in 2012 against 9.6 million a year earlier.

The Shouvalov couple earned a combined 71.6 million roubles more in 2012 making 448 million roubles ($14.4 million) compared to 376.6 million roubles ($12.1) in 2011. The income of the Deputy PM’s wife Olga Shuvalova almost halved to 222 million roubles ($7.1 million). That’s because she used to be the only beneficiary of the Shuvalov ‘blind’ trust registered in the British Virgin Islands. Now both spouses share equal income from the trust. 

Last week Igor Shuvalov was reported to have begun transferring his offshore assets back to Russia ahead of the new law banning state officials from holding stocks and capital abroad, Vedomosti said on Friday. 

The funds in the family's Severin Trust in the British Virgin Island are being gradually transferred back to Russia, according to representatives of Shuvalov reports the newspaper.

Shuvalov family’s offshore trust and income were exposed during last year’s campaign, after President Putin introduced a bill which bans officials from holding foreign assets. The bill passed in the first reading in the Lower Chamber in February. 

The second top-earning official is the Minister of Industry and Trade Denis Manturov. He earned 103 million roubles in 2012 ($3.3 million). The third place is shared by Deputy Prime Minister and Presidential Plenipotentiary Envoy to the North Caucasus Federal District Aleksandr Khloponin and Russia's Minister for Open Government Mikhail Abyzov. Each earned 65 million roubles ($2 million).