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Net capital outflow in January 2022 increased to $12.8 billion, while in January 2021, it amounted to $9 billion. Russian media reported it, citing Russian central bank data.
In January 2022, Bloomberg reported that the sanctions that are applied to Moscow due to the threat of a military invasion of Ukraine are causing serious damage to the Russian budget. A ban on Western funds buying state-issued debt, costing Russia $10 billion a year A retroactive ban on foreign participation in local state debts, costing $60 billion Halting access to the Swift payment system, which would make it much more difficult for Russia to collect payments on $535 billion of exports a year.
Read also: Ukraine’s GDP grew by 3.2% in 2021, – Economy Ministry
According to the analysts’ estimations, in the event of an attack on Ukraine and the imposition of US sanctions proposed by the Democrats, the outflow of capital from the debt and stock markets of Russia may approach the indicators of 2014-2015, and the ruble will lose up to 20%.
Swedish economist and a Senior Fellow at the Atlantic Council Anders Åslund assures that the Russian economy could grow 2.5-3% more each year if there were no sanctions. “Most importantly, Russia could take more loans. Other developing countries took out 30% more loans than Russia. Russia has lost these resources. At the same time, foreign investment has practically come to a halt. The total amount that Russia has lost over the course of 7 years, according to our calculations, is 950 billion dollars,” he said.
