Capital outflow from Russia could grow to $130 billion this year, Finance Minister Anton Siluanov said Monday, Bloomberg reported.
The prediction brings the government's expectations closer to those of the Russian Central Bank, which said on Nov. 10 that capital outflow could hit $128 billion in 2014.
Capital outflow was $61 billion in 2013, and $53.9 billion in 2012. ?
Investors have been pulling money from Russia this year amid heightened international tensions, stalling economic growth and Western sanctions on Moscow over its role in the Ukraine crisis.
Net capital outflow for the year could be between $120 billion and $130 billion, Siluanov told investors during a conference in Singapore, according to Bloomberg.
The highest capital outflow in post-Soviet Russia was in 2008 when $133.6 billion flowed out of the country amid a global financial crisis and plunging oil prices.
Officials and experts have repeatedly increased their estimates for the year's capital outflow amid worsening political tensions and the deteriorating economic situation. More than $85 billion exited the country between January and September this year, according to Central Bank figures.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.