Russia has said it expects outflows in the first quarter of this year to total $70bn as sanctions hit the country's economy harder than expected.
Following the annexation of Crimea, investors have pulled out huge amounts of capital from the country.
The Russian Micex index is down 12% in the last month, with some companies including state-backed Gazprom trading on as little as two times earnings.
Managers have also been badly hit, with Robin Geffen's £300m Neptune Russia & Greater Russia fund down 23% in the last year.
Deputy economy minister Andrei Klepach said outflows would be significantly higher than the $50bn mooted just ten days ago.
The $70bn figure is greater than the $63bn that flowed out of the country in the whole of 2013.
The news comes as world leaders call for Russia to be expelled from the G8 group of countries.
The UK and US confirmed yesterday a planned meeting in Sochi later this year will not go ahead, with the group meeting in Brussels as the G7 for the first time since 1998.
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