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According to preliminary data, net capital outflow from Russia in February rose to $15 billion, against $9 billion in January, Russian information agency PRIME has reported, with reference to Russian state corporation Vnesheconombank (VEB).
"According to our preliminary estimates, the net outflow of capital in February rose to $15 billion as compared to $9 billion in January. This is a fairly high level, given the fact that the population is no longer an active player in the foreign exchange market", the deputy chairman of VEB Andrey Klepach said.
"The decline in investments in January-February does not yet adequately reflect the changing conditions. We expect that their decline will increase in the coming months, taking into account the restrictive rates on new loans, the high level of uncertainty and the peak of payments on foreign loans" he added.
On Monday, March 23, Russian Finance Minister Anton Siluanov said in the State Duma that the outflow of capital from Russia this year was expected to amount to $70-90 billion.
The Ministry of Economic Development of Russia forecasts the capital outflows this year will amount to $115 billion, but the head of department Aleksei Uliukayev has stated that, according to recent estimates, the outflow will be less than $100 billion.