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$151 billion fled Russia in 2014

17 January 2015 08:12 (UTC +04:00)

Net outflows soared almost 10-fold to an estimated $72.9 billion in the fourth quarter from the previous three months, pushing last year’s total to $151.5 billion, the central bank said on its website today. That compares with $61 billion in 2013. Capital controls are likely if private money leaves at a $240 billion annualized rate in 2015, or $60 billion this quarter, according to the median estimate of 14 economists.

Capital flight is bleeding an economy already squeezed by sanctions over Ukraine.

Russian Finance Ministry long-term strategic planning department head Maxim Oreshkin forecasted that net capital outflow from Russia could slightly exceed $90 billion but is unlikely to be over $100 billion in 2014. The Russian Central Bank said on Nov. 10 that capital outflow could hit $128 billion. Russian President Vladimir Putin said the country’s capital outflow will reach 120-130 billion US dollars.