As a sign of how the Russian economy has suffered of late, the country is proposing an amnesty for persons who repatriate funds.

Vladimir Putin, Russia’s president, has granted an amnesty to people who disclose the amount of money they have outside the country before 1 January 2016 so long as they return assets to Russia or take these out of tax havens, CNN has reported.

In a move likely to prompt bemusement from watchers of Russia’s financial life – oligarchs have been renowned for leaving Russia and stashing fortunes overseas – the report said the new law, signed by Putin this week, is designed to help keep funds in Russia.

The former Soviet Union has been hit by sanctions slapped on the country by Western powers in reaction to Russia’s annexation of Crimea and its alleged backing for pro-Russian separatists in Ukraine.

Businesses and wealthy individuals who choose to declare their foreign assets before the end of 2015 will avoid the risk of prosecution and a bill for tax arrears, the news organisation said.

Capital outflows from Russia tripled in 2014 to $151.5 billion; some $32.6 billion was taken from Russia in the first quarter.

"Russian tax resident individuals should consider taking advantage of the programme as soon as possible to disclose assets or bank accounts; make tax free transfers of assets from nominees to the beneficial owner; and to liquidate foreign legal entities or structures before 1 January 2017 to receive these assets tax free. Non-Russian residents should also use the programme to regularise any compliance issues and trustees of foreign trusts or foundations with Russian resident settlors, beneficiaries or controlling persons should also seek advice on their position, as they may receive requests from clients to participate in the programme," Olga Boltenko, co-head of the Russia-CIS tax team at Withers, the law firm, said.