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.
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