Page 47 - RusRPTApr19

liabilities of Russian banks and at the same time an increase in their foreign assets against the background of export earnings and the accumulation of currency in the accounts. The latter was facilitated by the suspension by the regulator of the purchase of currency for the Ministry of Finance by the budget rule in the open market.
According to the base scenario of the Central Bank (with the price of oil at $55 per barrel), this year the net outflow will be $20bn.
According to calculations by Bloomberg , over the past 25 years about $750bn have been withdrawn from offshore Russia. This is the money that could be invested in the Russian economy, the agency notes. To stop the "capital flight in the long term," the Russian government needs to fight corruption, Bloomberg writes.
bne IntelliNews own calculations, based on the CBR’s balance of payment figures, is a bit lower at $580bn. The difference maybe due to the fact there was a net inflow of $130bn in 2006-2007, the only years where Russia saw a net import of money at the height of the boom years.
The Russian Finance Ministry has submitted a bill prolonging capital amnesty for a third time, which is to start on May 1, to the government, Deputy Finance Minister Ilya Trunin told reporters on Monday. “The bill has been submitted to the government. It says that the start of declarations acceptance is May 1 but it might be earlier if the law is adopted earlier, but no earlier than the law enters in force,” Trunin said, adding that the deadline is a year from the start. The second capital amnesty lasted till March 1. President Vladimir Putin ordered earlier to prolong the amnesty for one year for those who register their business in special administrative areas and return money to Russia.
47 RUSSIA Country Report April 2019 www.intellinews.com