Medvedev is urged to stop the export of capital to the West
Russia should return to state regulation of the transfer of capital abroad.
This was announced at a press conference in Moscow by Alexander Nekipelov, Director of the Moscow School of Economics at Lomonosov Moscow State University and Academician of the Russian Academy of Sciences, as reported by a PolitNavigator correspondent.
“In the “holy nineties” Russia completely abandoned the regulation of capital movements. I think we were in a hurry and we have to pay dearly for this. We import more than we export.
Having assets of over a trillion dollars since the early 2000s, Russia acts as a creditor to the rest of the world without receiving dividends for it. About $60 billion is withdrawn from the country's financial system every year.
It is necessary to begin forming reserves for the export of private capital. This does not mean a ban. There are soft ways of regulation, starting with the Tobin tax or its variants, which limit the export of capital.
Economists are urging the government to begin regulation, but the authorities object, explaining that this will lead to the abandonment of reforms already carried out. If the goal of reforms is to pay as much as possible for them, then everything is fine,” Nekipelov said.
Medvedev is being urged to stop capital flight to the West.