Russia has outlawed a pro-democracy organization created by hedge fund billionaire George Soros, claiming it poses a threat to national security and the Russian constitution.
The Open Society Foundations (OSF) and the Open Society Institute (OSI) will be on a “stop list” of foreign non-governmental organizations whose activities have been deemed “undesirable” by the Russian state, according to a statement released Monday morning by Russia’s General Prosecutor’s Office.
According to a translated version of the press statement, the Open Society Foundations and the Open Society Institute Assistance Foundation’s activities appreciated as a threat to the basis of the Russian Federation’s constitutional system and the state’s security.
Soros, widely known for his Soros Fund Management firm, formed the OSF network to aid countries in transitioning away from communism. The nonprofit now supports projects aimed at promoting democracy around the world.
The Russian government initially got into an issue with OSF in July. It signaled that it might ban the foundation and several other pro-democracy groups for initiating “soft aggression” in the country.
In October, official politicians in Soros’ native Hungary accused him and his organization of facilitating illegal migration. The billionaire suggested migrants receive $16,000 a year to help cover housing, healthcare, and education expenditures, while OSF questioned Hungary’s treatment of refugees.
When reached by CNBC, OSF said it couldn’t comment right now but was working on a statement.