Capital outflow from Russia reaches record $253 billion Since the outset of war in Ukraine

The Russian economy, after the outbreak of war with Ukraine, has experienced an unprecedented capital flight in recent history. The talk is about an outflow of 253 billion dollars.

RBC-Ukraine quotes The Moscow Times report with reference to the statistics of the Russian Central Bank.

The cumulative net capital outflow from the country from February 2022 to June 2023 reached $253 billion.

The Center for Macroeconomic Analysis and Forecasting also reported that $239 billion left Russia in 2022, four times more than a year earlier.

It is noted that in the first half of 2023, the outflow amounted to an additional $27 billion. In relative terms, the rate of capital outflow reached 13 per cent of GDP and broke all possible records.

“So, in 2008, against the backdrop of the global financial crisis, and in 2014, after the annexation of Crimea, it was about 11 per cent of GDP (about $150 billion a year),” the newspaper writes.

This happened despite sanctions that complicated settlements with the outside world, and tight currency restrictions from the Russian Central Bank.