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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.