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This paper documents the scale of capital flight from Russia, compares it with that observed in other countries, and reviews policy options. The evidence from other countries suggests that capital flight can be reversed once reforms take hold. The paper argues that capital flight from Russia can only be curbed through a medium-term reform strategy aimed at improving governance and macroeconomic performance, and strengthening the banking system. Capital controls result in costly distortions and should gradually be phased out as part of that medium-term strategy.

Banks and Banking --- Exports and Imports --- Criminology --- International Investment --- Long-term Capital Movements --- Formal and Informal Sectors --- Shadow Economy --- Institutional Arrangements --- Energy and the Macroeconomy --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Trade: General --- International economics --- Corporate crime --- white-collar crime --- Banking --- Capital outflows --- Capital controls --- Commercial banks --- Exports --- Balance of payments --- Crime --- Financial institutions --- International trade --- Capital movements --- Banks and banking --- Russian Federation