Russia Rages At U.S. Visa Ban

Jul 28 2011 | 11:44am ET

Reports of Russia's muted response to the U.S. decision to bar 60 people allegedly involved in the death of hedge fund lawyer Sergei Magnitsky from entering the country may have been greatly exaggerated.

Russian President Dmitry Medvedev has ordered his Foreign Ministry to investigate a response to the U.S. action. In a statement, the ministry warned that the U.S. visa ban "could introduce a serious irritant to Russian-U.S. relations."

"We will not leave such unfriendly steps unanswered and we will take adequate measures, protecting the sovereignty of our country and the rights of Russian citizens against unjustified moves by foreign states."

The U.S. move, which followed a Russian report that concluded that Magnitsky had been denied adequate medical care and beaten to death during his nearly one year in custody on tax fraud charges, was made in part to head off more serious action sought by a Senate bill, which would also have frozen the assets of the named Russian officials in the U.S.

State Dept. spokesman Mark Toner confirmed yesterday that the visa bans had been put in place. The restrictions were first reported to the senators backing the tougher bill; Russia was not formally informed.

William Browder, for whom Magnitsky worked at Hermitage Capital Management, cheered the U.S. move.

"Our main goal is to punish the people who tortured and killed him, but the probability in getting justice in Russia is very, very slim, and so we've been looking at ways of getting justice outside of Russia," Browder told The Wall Street Journal. "There, the United States banning these people from coming into the U.S. is a very strong move, and will most likely be replicated in other countries, particularly in Europe."


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.