Russia’s capital flight hits 75 billion dollars

File Photo of Cash, Coins, Line Graph

(Interfax – Moscow, July 9, 2014) According to an assessment by the Central Bank of Russia, the net export of capital by banks and companies from the Russian Federation in the first half of 2014 was 74.6bn dollars. That is 120 per cent higher than in the first half of 2013 (33.7bn dollars), the Bank of Russia [Central Bank] has said on its website.

Russian Central Bank file photo

At the same time, the Central Bank changed its assessment of the capital outflow in the first quarter of the current year to 48.8bn dollars from the initial 50.6bn dollars. In the first quarter of 2013, the indicator was at 28.2bn dollars.

According to preliminary data, the capital outflow was 25.8bn dollars in the second quarter of 2014 against 5.5bn dollars in the second quarter of 2013.

Deputy Minister of Economic Development Andrey Klepach on Wednesday [9 July] told Interfax that the net capital outflow from the Russian Federation in 2014 will most likely exceed the current forecast of 90bn dollars and will be closer to the previous forecast of 100bn dollars.

In mid-June, chairwoman of the Bank of Russia Elvira Nabiullina said the capital outflow from Russia could total up to 90bn dollars in 2014, calling this an optimistic scenario.