A spat towards the end of last year over the true scale of capital flight from Russia risks missing the bigger picture, which is that capital continues to flow out of the country in the first place. Most other large EMs experience significant inflows. The fact that Russia doesn’t is a particular concern given that its current account surplus is likely to evaporate over the next three years or so.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.