MOSCOW, September 16. /ITAR-TASS/. Russia’s capital outflow may hit $110 billion in 2014, Russia's former finance minister and head of the Civil Initiative Committee Alexey Kudrin said on Tuesday.

“I earlier spoke about $150 billion but I now believe that this figure will be about $110 billion,” Kudrin said.

He predicted in March that Russia’s capital outflow would hit $150-160 billion in 2014.

The baseline scenario for the Russian economy prepared by the Central Bank of Russia predicts net capital outflow at $90 billion in 2014, $35 billion in 2015, $29 billion in 2016 and $18 billion in 2017.

Impact of Western sanctions on Russian economy

Western sanctions imposed against Russia may plunge the country into a recession, Kudrin said. “I don’t rule out that the sanctions may provoke a recession in Russia for a year or even for two years, if banks’ operations are additionally restricted in some currencies,” Kudrin said at a conference held by the US Chamber of Commerce.

Kudrin told the forum that Russia was going through a difficult period, and economic growth rates would remain low for another 3-5 years. “The slow growth will persist for a longer period unless certain reforms are carried out,” the former finance minister said.

Kudrin also said he estimated the country’s GDP growth to slow by 1% under the impact of Western sanctions.