Awww, Russian Economy Hammered by Massive Money Drain

While Russian President Vladimir Putin plots his next move into Ukraine, capital is fleeing Russia.

Russia's central bank this week confirmed that some $64 billion in assets held by Russians headed for the exits in the first three months of this year — roughly matching the total for all of 2013. That amounts to roughly 12 percent of Russia's gross domestic product.

The hemorrhaging is expected to continue if the turmoil in the Ukraine continues. Officials at the World Bank have warned that Russia could watch another $150 billion in capital leave the country if the crisis deepens. Since 2008, nearly half a trillion dollars has fled the country.

As the money flowing out of Russia surges, the upheaval in Ukraine has put a damper on investment coming into the country. The cash squeeze comes as Russia's economy is barely growing, inflation is rising fast and the central bank has been forced to raise interest rates to prop up a sagging ruble.

Earlier this week, Russia's Economy Ministry predicted that GDP growth could slow to around 0.5 percent — from 1.3 percent last year.

The U.S. and Western countries seeking to thwart Putin's Ukrainian ambitions have threatened economic sanctions if the Russian aggression continues. So far those have been limited to freezing the

More: http://www.nbcnews.com/storyline/ukraine-crisis/russian-economy-hammered-massive-money-drain-n77251
_________________
Anarcho-Capitalist, AnCaps Forum, Ancapolis, OZschwitz Contraband
“The state calls its own violence law, but that of the individual, crime.”-- Max Stirner
"Remember: Evil exists because good men don't kill the government officials committing it." -- Kurt Hofmann

Awww, Russian Economy Hammered by Massive Money Drain

Awww, Russian Economy Hammered by Massive Money Drain

Anarcho-Capitalist Categorical Imperatives

AnCaps' Laissez-faire Free Trade Zone