Georgia launched major ground and air attacks to seize control of South Ossetia on August 8, prompting Russia to send in tanks and thousand of troops. Russia announced on August 12 a halt to its operation to force Georgia to accept peace.
According to Kudrin, capital outflow hit $6 billion on August 8 and another $1 billion on August 11.
Kudrin said net capital inflow in 2008 will be slightly below the $30-40 billion figure predicted by the Central Bank of Russia.
"Capital inflow will be slightly below the official forecast due to the persisting global financial crisis and certain political risks that have emerged recently and influenced foreign investors' behavior," Kudrin said.
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The British experience can be instructive for Russia. London retains its British Commonwealth if it wants to use this as a foundation for integration in the future. That’s a valuable lesson for Russian experts who are calling for an end to “ineffective” associations like the CIS, the Russian World and others.