The government’s role in the export of capital from Russia

Abstract

The inefficient use of superprofits from the sales of Russian oil-and-gas industrial products has long been a centerpiece of fierce debate. No less actively has been debated the increasing export of capital from Russia, on the one hand, by private companies and, on the other, by the government that has been placing its financial reserves, formed by the high incomes of the oil-and-gas sector, in foreign assets. These problems justify the need for complex consideration of the mechanisms that control the export of national capital, including the possibility to reduce the international reserves of the government and channel them partly for domestic investments. Not limiting himself to this problem, the author also suggests specific measures to improve the government’s international investment policy.