Capital controls feared in Russia after $70bn flight

Investors are withdrawing money at a rapidly increasing rate amid escalating sanctions from the West

For now the main pressure is the financial sector. Russia’s largest lender Sberbank has slashed its growth forecast to zero and warned yesterday that the economy would tip into a slump if the capital flight reaches $100bn. "The present situation has a negative impact on the economy worldwide, in Russia and in Europe," said the bank’s chief executive German Gref.