Outflow of Russian Capital Totaled Only USD 12 Billion in 2002

In 2002 outflow of Russian capital totaled only USD 12 billion, whereas in 2001 this figure was USD 17 billion and in 2000 it was USD 24 billion. This was announced by Russian Finance Minister Alexei Kudrin yesterday at an extended meeting of the Russian Justice Ministry. In Mr Kudrin's opinion this change was partly due to land and tax reforms. 'A record number of laws have been passed over the last three years which protect the rights of owners and investors. As a result there is steady economic growth, rising average incomes and a reduction in the outflow of capital,' Mr Kudrin emphasised, adding that the Justice Ministry is playing a significant role in this process.

The minister added that there is still a need to pass other laws to protect intellectual property. He also said that the Russian government would continue to give especial support the justice ministry.