The outflow of capital from Russia almost doubled in 2017
The Bank of Russia announced a significant increase in the capital flight from Russia in January-April 2017. According to the regulator, net amount of transfer of capital by the private sector during this period was $21 billion. This is more than double that of the first four months of the previous year ($9.8 billion).
"In contrast to the situation a year ago, the main factor in the net outflow was the transfer of the funds by the banking sector overseas following the continued increase of foreign bond yields” the statement of the Bank of Russian reads.
The bank explained that other sectors of the economy in January-April 2017 were importers of capital.