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Russia may see significant decline in capital flight rates in 2016-2017 — minister

“We expect the outflow of capital will shrink to $30 billion in 2016 and to $20 billion in 2017,” Economic Development Minister Alexey Ulyukayev says

Russian Economic Development Minister Alexey Ulyukayev ITAR-TASS/Alexander Astafyev

Russian Economic Development Minister Alexey Ulyukayev

© ITAR-TASS/Alexander Astafyev

MOSCOW, September 18. /ITAR-TASS/. Russia’s Economic Development Ministry predicts a significant decline in the annual capital flight rate in several years.

“We expect the outflow of capital will shrink to $30 billion in 2016 and to $20 billion in 2017,” Economic Development Minister Alexey Ulyukayev said at the Cabinet’s meeting on Thursday.

Earlier, the Bank of Russia said that under the basic economic development scenario, the net capital flight this year would make up $90 billion, while in 2015 it may be down to $35 billion, in 2016, to $29 billion and in 2017 to $18 billion.

The European Bank for Reconstruction and Development said in a survey that the net outflow of capital from Russia in May-June slowed down considerably in contrast to the first three months of the year.

Former Finance Minister Alexey Kudrin estimates the aggregate outflow of capital investment from the Russian economy by the end of the year at $110 billion. Earlier, his forecast for this year looked far worse, standing at $150-160 billion.

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