March 26, 2014
Who else is sanctioning Russia? Investors (Anna Kordunsky, March 26, 2014, CS Monitor)
Posted by Orrin Judd at March 26, 2014 4:32 PMRattled by the country's increasingly erratic and bullheaded moves, investors have responded with the greatest capital flight from Russia since the financial crisis of 2008. The sting of the exodus might not be immediately apparent to Russian consumers, but it will compound the shocks that Russia's oil-fueled economy already has to absorb -- not least among them the costs of annexing the woefully underdeveloped Black Sea peninsula and reviving a slowing economy.In the first three months of 2014, capital outflow from Russia amounts to $65-70 billion, Andrei Klepach, the deputy economy minister, said Monday. "Probably closer to $70 billion," he added.To put this in perspective, Russia's annual capital outflows last year was $63 billion, and in 2012 it was $54 billion.