Capital flight from Russia doubled
Capital flight from Russia more than doubled last year with almost $38 billion leaving the country in the fourth quarter alone, the largest quarterly outflows since the 2008 financial crisis.
Capital flight totaled $84.2 billion in 2011 compared to $33.6 billion in 2010, according to data from the Central Bank, Gazeta writes.
The numbers exceed initial official forecasts and analysts’ expectations by far.
The increase is a result of instability on the markets - first of all the European market, the poor investment climate in Russia and political uncertainty after the December 4 Duma elections.
The largest capital flow from Russia happened in 2008, when nearly $130 billion left the country.
