#AceFinanceNews ST. PETERSBURG, 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.
Reuters – Itar-Tass – AP