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Western sanctions, fragile economy to cause capital flight of $120 billion: Russian Central Bank

Western sanctions, fragile economy to cause capital flight of $120 billion: Russian Central Bank

MOSCOW: Capital flight would be increased from $99 billion to $120 billion next year, Russia’s Central Bank’s head Elvira Nabiullina said the other day in a forecast report.

This would be more than twice Russia’s current account surplus, which the Central Bank expects to reach $56 billion next year.

Slowing economic growth, Western sanctions over the crisis in Ukraine, plummeting oil prices and drastic ruble devaluation have sent capital outflows from Russia soaring this year.

October saw $28 billion leave the country, nearly half of the total capital flight in 2013. The Central Bank has forecast $128 billion in capital outflow this year.