Support The Moscow Times!

Renaissance Sees Outflows Ending

Russia probably won't see net outflows of capital this year as election-related concerns subside, according to Renaissance Capital.

People have taken to the streets since Prime Minister Vladimir Putin's United Russia party won a reduced majority in December parliamentary elections amid allegations of fraud and vote manipulation. Putin is running for the presidency in a March 4 ballot.

"It was very smart the way Putin handled the protests by allowing them to go ahead, which obviously reflected well later on investor sentiment," Ivan Tchakarov, Renaissance's Moscow- based chief economist for Russia and the former Soviet Union, said in an interview at Bloomberg's headquarters in New York. "I don't think we're going to see net capital outflows this year because investors realized that they weren't going to see something major happening in Russia."

Net outflows were $84.2 billion in 2011, according to the Central Bank. First Deputy Chairman Alexei Ulyukayev told reporters in Moscow on Jan. 19 that Russia may have zero net capital outflows this year.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

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.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more