Ukraine’s Savchenko says wants to run for president in 2019World May 25, 3:38
Putin venerates St Nicholas's relics in Cathedral of the SaviorSociety & Culture May 24, 21:53
Putin points out Russia’s good relations with EgyptRussian Politics & Diplomacy May 24, 21:30
Ukraine names conditions for Minsk accords' political part implementationWorld May 24, 20:44
Blaze-stricken Siberian areas expecting downpours that may quash firesSociety & Culture May 24, 19:45
Contact Group on Ukraine proposes more areas of disengagementWorld May 24, 19:39
Russian Emergencies Ministry says over 70 homes burn down in SiberiaSociety & Culture May 24, 18:49
International Chekhov Theater festival opens its doors for 13th time in MoscowSociety & Culture May 24, 18:44
Putin decorates commandoes for two-day face-to-face clash with militants in SyriaRussian Politics & Diplomacy May 24, 18:31
MOSCOW, March 27. /ITAR-TASS/. Capital outflow from Russia this year may reach $150-160 billion, says former Russian Finance Minister Alexei Kudrin.
Kudrin told reporters at Moscow Exchange Forum on Thursday that flight would exceed the record high $120 billion in 2008.
"It's a sort of payment for an independent foreign policy," the former minister said. "So far, society is prepared to agree to these expenses."
Kudrin estimated related damage amounting to hundreds of billion dollars, which Russia might have had as GDP growth and investments in budget revenue.
"Obviously, the desire to set up certain independent financial institutions and infrastructure somewhat distanced from Western institutions means more expenditure," Kudrin said, estimating economic growth rates slowing to 0.5% of GDP.
Russian Economic Development Minister Alexei Ulyukayev told the forum earlier that capital outflow in the first quarter was estimated at $60 billion and that annual outflow might reach $100 billion, which would slow GDP growth to 0.6%.