MOSCOW

Capital flight from Russia in 2014 was an estimated $151.5 billion, according to the Russian central bank's website.

This makes 2014 the highest year for capital outflow in the history of the Russian Federation. 

The figure exceeds even those of the crisis years in 2008 and 2009, which saw the flight of $133.6 billion and $57.5 billion respectively. This estimate also exceeds the bank's earlier prediction, that 2014's capital flow would be approximately $128 billion. 

According to another report from the central bank, capital flight in 2015 is estimated at $120 billion, followed by $75 billion in 2016 and $55 billion in 2017.

Two major factors are blamed for Russia's capital flight; the sharp drop in oil prices and international sanctions which were imposed on Russia in 2014.

Plummeting oil prices led to the weakening of the ruble and severe budget shortfalls. International sanctions, political considerations and recent credit downgrades have made Russia look increasingly risky for investors.