Capital outflow from Russia to Switzerland reached its record


Switzerland continues to be the most popular destination where Russians transfer their money: according to the Central Bank, during last year Russian citizens transferred $5.1 billion to this country. This amount became a record for the entire time of publicly available statistics since 2006.

In total, Russians transferred $35.928 billion abroad in 2016. The average amount of one transfer was $211. Net outflow amounted to $17.565 billion. For the year before this figure was estimated at $16.542 billion.

Following Switzerland, Latvia became the second most popular destination for money transfer from Russians last year: $2.113 billion went there in 2016.

This number for Latvia has not changed significantly comparing to the previous year, despite the fact that the authorities of Latvia have sharply tightened the rules for opening accounts for customers from the former USSR, who are entitled to 53% of all deposits of the country’s banking system.

The third most popular direction of the Russian capital outflow is the United States. In 2016 it received $1.935 billion. The average amount of one transfer was $477.

The list of TOP-10 destinations for Russian capital over the past year also includes China ($1.894 billion), Great Britain ($1.862 billion), Germany ($1.146 billion), Spain ($1.136 billion), Cyprus ($1.136 billion), Austria ($790 million), and Italy ($680 million).