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Capital flow from Russia in 2015 may reach $90-100 billion — Kudrin

January 23, 2015, 12:52 UTC+3 DAVOS
Moreover, tightening of Western sanctions against Russia will reduce the positive effect of the government’s anti-crisis measures, Russia's former finance minister believes
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© TASS/Valeriy Sharifulin

DAVOS, January 23. /TASS/. The capital outflow from Russia in 2015 will total $90-100 billion, former Russian finance minister Alexey Kudrin said.

"We should not downplay the influence of sanctions. We should clearly understand their cost and try to reduce it," Kudrin said at the World Economic Forum in Davos.

According to him, state corporations did not create an innovation economy in Russia.

"That conclusion can be clearly drawn. They can say 'we're doing something' but it is 20 times less than what is needed for Russia to be competitive," he said.

Kudrin believes "the government should not work actively in the economy," particularly in the oil industry.

On sanctions against Russia and anti-crisis measures

Tightening of Western sanctions against Russia will reduce the positive effect of the government’s anti-crisis measures, Russia's former finance minister went on to say.

“If sanctions are enhanced, this will reduce by 50% the effectiveness of all measures being discussed now,” Kudrin told the World Economic Forum in Davos, adding that even in the presence of sanctions it was possible to achieve economic growth.

Kudrin said he did not believe sanctions would be tightened. “We should understand that… in the long run, steps will be taken to settle [the situation around Ukraine]. Then the sanctions will be reduced,” he added.

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