Russia to veto UN SC resolution on tribunal over MH17 crash if it scores 9 votes — envoy
Russia sends draft intergovernmental agreement on first Turkish stream line to Turkey
Russia to build fibre-optic communication line to Crimea
Russia’s S-400 antiaircraft missile systems deployed in Far Eastern Kamchatka region
Kremlin to keep searching for way out of Ukraine crisis — spokesman
Russia to carry out 10 test launches of Angara heavy carrier rocket by 2020Non-political July 28, 13:09
Kremlin to keep searching for way out of Ukraine crisis — spokesmanRussia July 28, 12:54
Former KGB officer Kovtun not to testify in ex-spy Litvinenko probe — representativeRussia July 28, 12:47
Russia’s S-400 antiaircraft missile systems deployed in Far Eastern Kamchatka regionRussia July 28, 12:38
Egyptian military delegation borrows Russian experience in fighting gunmenRussia July 28, 12:08
US responsible for disrupting six-party talks on Pyongyang’s nuclear program — ambassadorWorld July 28, 11:59
Russia's Far East to compete with Singapore, Hong Kong and Korea — Deputy PM TrutnevRussia July 28, 11:16
Russia sends draft intergovernmental agreement on first Turkish stream line to TurkeyEconomy July 28, 11:01
North Korea will not give up nuclear weapons unilaterally — ambassadorWorld July 28, 10:35
ST. PETERSBURG, March 13. /ITAR-TASS/. Capital flight from Russia in 2014 may reach $50 billion per quarter if harsher sanctions are imposed on the country over the Ukrainian crisis, Alexei Kudrin, a member of the Presidium of the Russian president’s Economic Council, said.
If the sanctions affect only accounts of certain individuals, enterprises, operations or products, this will be “a mild scenario", Kudrin said at a joint meeting of the presidiums of the Unions of Industrialists and Entrepreneurs of St. Petersburg and the Leningrad Region on Thursday, March 13.
He recalled that Western sanctions against Russia after the conflict with Georgia in 1998 had lasted about three to six months, and then the situation stabilized. “This may last longer now until the sides find some political solution. So we have to understand that there may be a second wave of sanctions,” Kudrin said.
“A key difference between the first and the second waves is the restrictions on currency operations carried out by our institutions in the international markets. This does not mean that operations will stop altogether and banks will have to work through correspondent accounts not at American or European banks but maybe in some other countries. We must understand that such measures were used in a number of instances. In this case, capital flight after the second wave [of sanctions] may reach 50 billion in the first and second quarters,” Kudrin said.
According to Kudrin, the government may help Russian companies, which previously borrowed from foreign banks, obtain loans in Russian banks. “It can use the reserves it has for this purpose. I am not talking about the Reserve Fund or the National Welfare Fund. There are different forms of working with lending institutions, and guarantees are one of them. This range of proposals is being worked out now and may be ready within one to three weeks,” he said.