Moderate net outflow of private capital from Russia

During thefirst three quarters of this year, the net outflow of private capital from Russia amounted to 21 billion dollars, which was more than in the same period last year, but less than in previous years. The outflow largely reflects repayments by banks of their foreign debts.

The net outflow of capital in the non-banking corporate sector was small in the three quarters. Capital flows consisted largely of direct investments, which flowed into Russia in a notable amount after a low of a couple of years. Russia's outbound direct investments rose by about the same amount, and possibly reflected a channelling of Russian investments via foreign countries back to Russia. Grey capital flows from Russia have raised their head for the first time since 2013.