MOSCOW, Aug. 25 (UPI) -- Capital worth billions of dollars is fleeing Russia again, the Moscow Times reported Wednesday.
The Russian Economic Development and Trade Ministry has announced capital flight may amount to as much as $12 billion this year, the paper said.
According to recent data released by Russia's Central Bank, capital flight in the first half of this year amounted to $5.5 billion, a rise of $1.6 billion, or more than one-third from the $3.9 billion figure reported for the same period in 2003, the paper said.
The paper said Fitch Ratings estimated capital flight as far higher, as much as $31 billion for the past months from August 2003 and to the end of July 2004. This was a rise of more than 50 percent from the $20 billion level Fitch Ratings recorded over the previous 12-month period from August 2002 to the end of July 2003, the Moscow Times said.
The paper said the rising figures were caused by Russian investors' worries over the government drive to destroy and break up the giant Yukos oil corporation and by growing concerns over the long-term security of property rights.
