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Capital drain from Russia to reach $60-65 bln in 2012

November 16, 2012, 5:50 UTC+3
Direct investments of Russian companies to foreign countries accounted for a bigger part of this capital outflow
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Photo ITAR-TASS

Photo ITAR-TASS

NOVO-OGARYOVO, November 16 (Itar-Tass) —— Capital drain from Russian may reach from 60 to 65 billion U.S. dollars in 2012, according to the Russian ministry of economic development.

“We think it will be about 60-65 billion U.S. dollars,” Minister of Economic Development Andrei Belousov told journalists on Thursday. At the same time, he noted that capital flight is “mythologized.” Thus, in his words, capital outflow in the third quarter of 2012 was even less that in the third quarter of the previous year. “There is a certain downwards tendency,” he said. Direct investments of Russian companies to foreign countries accounted for a bigger part of this capital outflow. “It is an absolutely normal format, which can hardly be called outflow as such,” he added.

 

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