Contents tagged with capital outflow

  • Net capital outflow from Russia reaches $21 billion in four months

    The net outflow of the Russian private-sector’s capital was estimated to be worth $21 billion from January-April 2018, showing a 17% growth compared to the same period last year, according to data from the Bank of Russia, which was published Monday, May 14.

    “Unlike the previous year, net lending was mainly accomplished due to an increase of foreign assets in other sectors with little impact of banking sector operations,” a bank representative reported.

    The capital outflow for the first four …

  • Kremlin: illegal capital outflow from Russia reaches $35 billion

    The illegal outflow of capital from Russia continues to accelerate, said Central Bank Deputy Chairperson Dmitry Skobelkin at a session of the State Duma Financial Market Committee.

    One of the most popular ways to do this is to give a loan which will never be repaid to an offshore company. The Russian legal entity which has transferred the money then declares itself bankrupt, and the offshore recipient can transfer the funds to a third company, allowing it to disappear virtually without a trace. …

  • Media: Foreign business fleeing Russia in 3 year record

    Foreign business has drastically reduced its investment in the Russian economy according to the Russian Central Bank’s statistics on the balance of payments for 2017, finanz.ru reports.

    At the end of the year, the flow of foreign investments, i.e. the investment in the real sector as open business or the purchase of shares in companies has fallen by 25%.

    In the fourth quarter, non-residents who had operated in the Russian market wrapped up operations and sold shares, after which they withdrew …

  • Net сapital outflow from Russia increased to $31.3 billion in 2017

    The net outflow of capital from Russia in 2017 grew to more than 1.5 times what it was in 2016, according to information from the Central Bank of Russia.

    “The net capital export by the private sector, according to the estimates of the Bank of Russia, was $31.3 billion ($19.8 billion in 2016),” reported the regulator. The message from the Central Bank notes that the main source of net capital export was the banking sector’s operations to reduce external liabilities. “Capital outflows associated …

  • Net outflow of capital from Russia tripled in period from January to October

    Based on the review of the Central Bank of the Russian Federation, net capital outflow in Russia from January through October 2017 increased almost 2.8 times in the annual comparison, according to preliminary estimates, reaching $23.8 billion compared to $8.6 billion in the same period last year.

    "Net capital exports by the private sector, according to preliminary estimates of the Bank of Russia, totaled USD 23.8 billion (USD 8.6 billion in January – October  2016)," the regulator’s review …

  • Net outflow of capital from Russia more than doubled in January-September

    According to the Central Bank of Russia, net capital outflow from Russia increased 2.1 times in January-September 2017, reaching $21 billion according to preliminary estimates, compared to $10 billion in the same period last year.

    “Based on preliminary estimates by the Bank of Russia, net capital exports by the private sector emerged at the level of USD $21 billion (USD $10 billion in January-September 2016)," the regulator's report notes.

    As the Central Bank indicated, "in contrast to the …

  • Outflow of capital from Russian funds has reached $2 billion over the past five month

    The capital outflow from Russian stock oriented funds in July 2017 amounted to $300 million for a total of $2 billion over a period of five months. The data was provided in a survey by Emerging Portfolio Fund Research (EPFR), an organization that tracks the inflow and outflow of capital to investment funds and the distribution of capital.

    The outflow of funds in July is comparable to the June figures when the outflow was recorded at $385 million. Net outflow of funds was recorded for five …

  • Net capital outflow from Russia has grown more than 1.5 times

    In the first half of 2017, net capital outflow from Russia increased 1.7-fold to $14.7 billion, compared to $8.6 billion during the same period in 2016, as indicated in the data published on the official website of the Bank of Russia.

    Analysts of the Central Bank explained that this trend is caused by activity in the banking sector connected to increases in residential customer accounts in early 2017, as well as the banks’ repayment of external debt obligations.

    "Other sectors that saw some …

  • National Bank of Ukraine strengthened measures to prevent capital outflow to Russia

    The National Bank of Ukraine (NBU) has tightened measures to prevent capital flows to the Russian Federation, according to the central bank's website.

    The statement outlined that "from now on, the National Bank has the right to refuse to issue individual licenses for certain foreign exchange transactions, if information in submitted documents reveals that either the participant or the person in whose favor the operation is carried out is a person who resides in a country that is recognized by …

  • Capital outflow from Russia intensifies

    Capital outflow from Russia continues unabated. According to the Central Bank of Russia, the total remittances of individuals into other countries amounted to USD 6.2 billion in the third quarter for a total of USD 18.5 billion since the start of the year. In comparison, private individuals had withdrawn 18.57 billion dollars during the entire 2015.

    Switzerland remains the most popular country for Russians to keep money. In the third quarter of 2016, 984 million dollars were transferred there …