Support The Moscow Times!

Capital Flight from Russia Soars to $31.3 Bln in 2017

Viktoria Votonovskaya / TASS

Total capital outflow from Russia increased to $31.3 billion last year, a 160 percent increase from 2016, Russia’s Central Bank reported Wednesday. 

Foreign investors have been part of that capital flight, withdrawing nearly $1 billion from the Russian economy last year over fears of new U.S. sanctions scheduled for February.

Previous Central Bank estimates put capital outflow at $29 billion, based on an oil price of $53 per barrel. In recent months, the price of oil has risen to $69 per barrel. 

The Central Bank said that capital outflow in other sectors was "mutually compensating,” the Interfax news agency reported

In 2016, capital flight totalled $19.8 billion, according to Central Bank figures.

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.