MOSCOW, May 14: Outflows of capital from Russia reached $8 billion over the month of April, a deputy minister said on Monday, adding that it is “much more than expected.”

“We estimate $8 billion dollars of capital flight in April,” said Deputy Economy Minister Andrei Klepach, RIA-Novosti reported.

“Right now, $35 billion has left the country over the first quarter. Capital flight is much stronger than we expected,” he added.

Russia’s capital outflows soared to $84 billion in 2011, a figure that more than doubled since the year prior and surpassed all official estimates.

Previously Russia’s central bank said that it is suffering as an emerging market at a time of increased global economic turbulence. It also predicted a net inflow of capital starting in May.—AFP