People walk past a board displaying currency exchange rates in Moscow February 11, 2015. REUTERS/Sergei Karpukhin
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
With Russia battered by international sanctions and weak oil prices, an accelerating capital flight is turning into a brain drain of entrepreneurs that threatens to hurt the economy's long-term health.Immigration lawyers, estate agents and bankers in Europe are reporting a jump in interest from middle-class business owners planning to move their ventures and families outside Russia. Consultancy CrossBorder Capital, which tracks financial flows, calculates that $123.8 billion left Russia in 2014 .Zenkovich says that since the middle of last year she has fielded more inquiries from Russian entrepreneurs, looking for retail space in London or modest-sized offices suitable to establish new businesses.The arrival of a new wave of people from Russia's entrepreneurial class in the millionaire rather than the billionaire bracket is an ominous development for the Russian economy.This is a smaller proportion than in most economies but crucial if Russia wants to wean itself off dependence on energy exports.One established Russian entrepreneur in London, Igor Sagiryan, a former investment banker who founded restaurant chain Ping Pong, says the exodus is "extremely bad for Russia".
FOLLOW THIS ARTICLE