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[Second Issue of the Day]
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Capital flight from Russia put at $300 bln
MOSCOW. March 26 (Interfax) - An estimated $300 billion have been taken out of Russia, an official at the Economic Development and Trade Ministry said on Tuesday.
The gap between required and actual investment in the Russian economy could be narrowed if some of the capital that previously left the country were to return, and if capital flowing through the shadow economy, estimated at $100 billion to $150 billion, were to be legalized, Sergei Bayev, the ministry's investment chief, said at a round table on Russia's economic strategy.
Investment from all sources currently totals $50 billion to $60 billion annually, he said.
"Of course not all this money can go towards investment as a result of the structural economic reforms now underway, but we hope that 30% to 40% of this money will go into the Russian economy in coming years," Bayev said..
Russia needs more than $100 billion in investment to maintain economic infrastructure at current levels, and at least 30% more than this in order to improve infrastructure, he said.
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