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Capital outflow from Russia not caused by Ukraine events

April 10, 2014, 15:10 UTC+3 BERLIN
According to Bank of Russia, banks and companies transferred a total of $50.6 billion from Russia in the first quarter of 2014
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© ITAR-TASS/Anton Tushin

BERLIN, April 10. /ITAR-TASS/. The capital outflow from Russia is not related to Ukraine events, but caused mainly by the ruble exchange rate, Russian First Vice-Premier Igor Shuvalov told reporters on Thursday in Berlin, where he participated in the international Eastern Forum.

"The capital outflow is not related to Crimea. The main cause is the change of the rouble rate against the main reserve currencies the dollar and the euro," Shuvalov said. "Many who saw the rate changing had a possibility to change roubles for dollars and euros." It was not money that had gone out of the country. It was just transferred from rouble accounts to currency ones, he added.

As the rate does not change now, and the situation in Ukraine is not developing into worse, reverse movement is seen from foreign currencies to roubles. "Therefore, no moves must be taken. We should behave calm," he concluded.

According to Bank of Russia, banks and companies transferred a total of $50.6 billion from Russia in the first quarter of 2014, 1.8 times more than during the same period in 2013.

Presidential aide Andrei Belousov said in late March that the capital outflow from Russia could amount to $60-80 billion over 2014, and $100 billion with Central Bank interventions taken into account. He explained that intervention money directly went out in a capital outflow from the country.

Deputy Economic Development Minister Andrei Klepach said earlier that the capital outflow was forecast at $100 billion for 2014.

About $68 billion might be brought from the country in the first quarter of this year, and the outflow might almost stop at the second quarter, as it traditionally happened during the season, and continue in the third and fourth quarters, but in less amounts, he said.

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