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Russians transfer $11.2 billion abroad in January-March

June 30, 2014, 13:57 UTC+3 MOSCOW

The figure is a 69% increase on the year and a 7% increase on the quarter

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At a bank in Russia

At a bank in Russia

© ITAR-TASS/Alexander Ryumin

MOSCOW, June 30. /ITAR-TASS/. Russians transferred $11.2 billion abroad in January-March, a 69% increase on the year and a 7% increase on the quarter, business daily Vedomosti reported on Monday, quoting Central Bank documents.

However, compared with $18.11 billion sent abroad in October-December, the amount represents a decrease.

The outflow to Switzerland, which tops the list of destinations, more than tripled on the year and almost tripled on the quarter to $3.1 billion, while $900 million were transferred to the US.

The increase in the transfers could be caused by the geopolitical risks and the government’s clamping on offshore firms, a Federal Tax Service source said.

Natalya Orlova, an analyst from Alfa-Bank, said that the reasons include the deteriorating economic situation and the cleanup of the banking system.

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