Data from the Central Bank of Russia reveals a new record: in the second quarter of 2026, unexplained money flows worth as much as 12.2 billion US dollars were recorded. This raises legitimate questions about how much unaccounted capital is actually flowing out of the country.
Read more France, the UK, and 10 more countries will announce sanctions on trade from Israeli settlements
This figure exceeds the first quarter’s indicator (1.4 billion dollars) by 8.7 times and is the highest since 1994, when such statistics began to be collected. As reported by “The Moscow Times,” the previous peak was recorded back in early 2009 – at that time, the amount reached 8.3 billion dollars.
If it is confirmed that these figures hide unaccounted capital outflows, it will have serious consequences for Russia. Funds taken abroad reduce the supply of foreign currency within the country, increase pressure on the ruble, and do not become investments within the state.
Officially, the central bank classifies these funds in the balance of payments under the category of “errors and omissions.” Although formally called “statistical discrepancies” arising from information gaps or mismatched transaction timing, economists emphasize: this category most often includes those operations that are not recorded anywhere else.
Are Russian billionaires massively fleeing abroad?
One economist quoted by “The Moscow Times” said that unaccounted capital outflows might be hidden in this category, and another added that it could include fund withdrawals through channels not recorded as direct investments abroad, payments for imports, or loan repayments.
The scale of fund movements in the second quarter again focused attention on reports about oligarchs saving their wealth. As early as July, the agency “Bloomberg,” citing six Russian billionaires and their circles, reported on the massive transfer of Russian wealth abroad. Billionaires are driven to flee by fears of a slowing economy, deteriorating state finances, and the threat that their assets may be simply confiscated.
The most popular destinations remain the United Arab Emirates, Cyprus, Turkey, and Saudi Arabia, with Dubai becoming the main center of Russian capital. To protect themselves, billionaires also direct funds into cryptocurrencies, gold, foreign real estate, and private investment funds.
