MOSCOW

Russia’s central bank on Monday announced that the capital outflow from the country rose 266% to $64.2 billion in the first quarter of this year compared to the same period last year.

The figure was $17.5 billion in 2021.

In a statement, the Bank of Russia stated that Russia's foreign trade surplus also increased from $25.8 billion to $66.3 billion in the same period.

Due to sanctions, dozens of foreign companies and investors decided to withdraw from Russia or temporarily suspend their activities.

Capital outflow in Russia increased by 42% to reach $72 billion in 2021 compared to the previous year.

*Writing by Aysu Bicer