During the pandemic in 2020, Russians transferred much less money than in 2019 $40,1 billion. Tatarstan residents take the lead in capital outflow in the Volga region $194,8 million. At the same time, money is transferred mainly to Switzerland, specialists explain the choice simply it has become unprofitable to hold money in Cyprus and in other offshore countries. Read the reasons in Realnoe Vremya’s report.
Net outflow rises by a quarter and more
Last year, Russians (natural persons) transferred US$40,1 billion from Russia, which is 3,8% more than in 2019 ($41,7bn). Transfers to CIS countries reduced by 14,4%, or $1,9bn.
However, natural persons’ receipts in Russia reduced too. In 2020, $23,4 billion were transferred in our country, which is $1,7bn less than in 2019.
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