Russian Academician: To Stop Capital Outflow Key Issue For Russia

The key problem currently facing Russia is how to stop chronic outflow of monetary funds abroad. This is the opinion of Nikolai Shmelev, a renowned Russian scientist-economist and director of the institute of Europe of the Russian Academy of Sciences. Speaking at a round-table in Moscow the academician was critical about those who call on Russia to stimulate import of funds assuring that "everything will return." According to the scientist, such a policy costs Russia USD 20-25 billion annually.