Tycoon Alisher Usmanov has become the first Russian businessman to bring the controlling stakes of his key assets, mobile phone operator Megafon and iron ore producer Metalloinvest, back to Russia, after President Putin urged companies to de-offshore.

“This step is related to the announcement by President Vladimir Putin of pursuing the de-offshorization of the Russian economy and the introduction to tax code clauses related to taxation of profits of foreign companies,” USM Holdings said in a statement Friday.