No local elections in Ukraine’s Mariupol amid security concerns — media
Iran may buy at least two types of aircraft in Russia — vice president
Russia considers it absurd to persecute Russian diplomat over Savchenko case — source
Russian arms exporter still in talks on S-300 deliveries to Iran
Ukraine to secretly cooperate with "particular countries" in military sphere — decree
Russian arms exporter still in talks on S-300 deliveries to IranRussia August 28, 12:14
Ukraine to secretly cooperate with "particular countries" in military sphere — decreeWorld August 28, 12:04
Russian lawmaker advises international partners against planning events in USRussia August 28, 11:49
Suspect in murder of deputy commander of Sever battalion detained in ChechnyaRussia August 28, 11:30
VTB bank files application to participate in Russian rating agency capitalEconomy August 28, 11:20
Russian arms exporter sold weapons worth about $8 bln since start of year — CEORussia August 28, 11:06
Russia’s GDP dropped 4.6% in July — ministryEconomy August 28, 11:01
Russian ex-lawmaker sentenced in decade-old politician murder caseRussia August 28, 10:50
Mission to investigate chemical attacks to have limited presence in Syria — UNWorld August 28, 10:32
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.