Type:: Research
Date:: 26 Oct 2026

More than $1 trillion has flowed out of Russia - and much of it is hard to trace

More than $1 trillion in private capital has left Russia since Putin became president the first time and a growing share is becoming harder to trace. A new policy brief by Torbjörn Becker shows how sanctions, frozen assets and weaker financial transparency are reshaping Russian money flows.

Hand Holding International Currency Notes with Euro, Dollar, and Ruble in Focus. Photo: Shutterstock

Money has been leaving Russia for a long time, even if there have been some flows going in the other direction, the aggregate picture is clear, Russia has not been a preferred investment destination even for Russians. The question is then, where does the money go instead?

In April 2019, a FREE Network policy brief, “Capital Flows from Russia — The Bigger Picture“, used official data to show that around USD 700 billion had left Russia in the decade after the global financial crisis. This brief updates the picture with data through 2026. The outflows have almost doubled since then: USD 1.3 trillion has left Russia in net private capital since mid-2008, and more than USD 400 billion of it since the full-scale invasion of Ukraine. At the same time, the places where Russian money is visible in international statistics have changed. Deposits in Western banks are now mostly immobilised central bank reserves rather than (unrestricted) private money. Since Russia has stopped publishing where its foreign assets are, the gap between what has left and what can be traced has grown to around USD 1 trillion. Policymakers in the West should take notice; this money can be used for purposes other than investments made on regular market and business considerations.

Key highlights from the FREE Network policy brief

Russian capital outflows have reached an extraordinary scale: the brief estimates net private capital outflows of roughly $1.3 trillion, including more than $400 billion since Russia’s full-scale invasion of Ukraine, reducing resources available for domestic investment and growth.
The Russian money still visible in Western banks has changed: private Russian deposits have declined substantially, while a large share of Russian assets recorded in Western financial institutions now consists of immobilised central-bank reserves, particularly those held in Belgium.
Around $1 trillion is difficult to trace through available statistics: Russia has reduced publication of information about where its foreign assets are held, while international reporting remains incomplete, making it harder for policymakers to understand where Russian capital has moved and who ultimately controls it.

Read the full policy brief to learn more.