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. Last Updated: 07/27/2016

Money Leaving Russia at a Faster Rate

Capital flight from Russia, one of the country's most significant economic problems, grew by some 30 percent last year compared with 1999, an independent analyst was quoted as saying Tuesday.

Interfax cited Mikhail Delyagin, head of the Institute for the Problems of Globalization think-tank as saying that capital flight in 2000 amounted to about $24.6 billion.

The 1999 amount was estimated at $18.6 billion. The level last year was just 3.5 percent less than in 1998, when the Russian economy was hit by a severe crisis, Delyagin said.

Capital flight - moving money out of the country, often to avoid taxes - has been a severe drain on Russia, stifling investment as the country tries to restore its economy.