Russia prepares for $70bn Q1 outflow

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...