Kudrin Predicts Up to $100 Billion Capital Flight From Russia This Year

Jan. 23 2015 — 15:11
Russia's former finance minister Alexei Kudrin during the session 'The Russia Outlook' in the Swiss mountain resort of Davos on Jan. 23, 2015.

Capital flight from Russia will come in at between $90 billion and $100 billion this year, former Finance Minister Alexei Kudrin said Friday.

"We mustn't downplay the impact of sanctions … It's a very big blow every year to the Russian economy," Kudrin said at the World Economic Forum in Davos, Switzerland, the Prime news agency reported.

Sanctions have limited Russian companies' access to international capital markets, making it harder for debtors to roll over loans. Kudrin said $120 billion supplied by foreign creditors would come due this year.

Capital outflows soared to more than $150 billion last year as sanctions imposed over Russia's actions in Ukraine and sharp falls in the price of oil eroded confidence in the country's slowing economy.

Russian Art Community Brings Two-Dimensional Pop-Culture Characters to Urban Life
Some creative folks in Russia have launched an art community called “2d Among Us,” where they share edited photographs with two-dimensional pop-culture characters superimposed on ...
A Panoramic View of Piranesi at the Pushkin Museum
The Pushkin Museum of Fine Arts has just dedicated over 1,000 square meters of exhibition space to Giovanni Battista Piranesi, the Italian engraver, ...
A Panoramic View of Piranesi at the Pushkin Museum
The Pushkin Museum of Fine Arts has just dedicated over ...
Russia’s Abortion Debate Is Back
In calling for an abortion ban, the Orthodox Church hopes to raise its influence to new heights in ...