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Rooshun capital flight to reach $110 Billion
A US federal budget rounding errorCapital flight from Russia is forecast to hit $110 billion this year, the Economic Development Ministry said Thursday, as Western sanctions limit foreign investment and force Russian companies to pay off billions of dollars in foreign debt. The ministry's base forecast anticipates that U.S. and EU sanctions over Moscow's actions in Ukraine will remain in place through the end of 2018. "This means that Russian companies' access to world capital markets will remain limited and there will be quite a high level of capital outflow from the private sector due to debt repayments," the report said. U.S. and EU sanctions imposed last year on Moscow for its role in the Ukraine crisis have closed off Russian companies' access to international financial markets, leaving them with a total of $109 billion in debt payments coming due this year and little chance of refinancing the loans, the Reuters news agency reported, citing Central Bank data. Posted by: badanov 2015-05-31 |
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