Amid a spreading climate of fear in Russia, underscored by the late February assassination of Boris Nemtsov, Russians with something to lose are increasingly trying to find safe havens abroad for their assets.
The net outflow of capital from Russia reached $151.5 billion in 2014, according to statistics compiled by the nation’s Central Bank, by far the highest annual volume since the bank started keeping track of it in 1994. The 2014 flight total was equivalent to about one-seventh of Russia’s gross domestic product of 70.9758 trillion rubles, or about $1.1 trillion at the rate of exchange as of the end of December 2014. Overall, the Russian economy had its worst year since President Vladimir Putin gained power on the last day of the 20th century.
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