Russia saw an record $239 billion in net capital outflows — i.e. According to Investopedia, capital outflows refer to the movement of assets out of a country. Outflows this significant are even larger than Greece's GDP of $219 billion in 2022, according to World Bank data. Last year's capital outflows were four times that of 2021 and 70% more than in 2008 amid the Global Financial Crisis, according to the analysis. Money transfers from Russia to Georgia rose fivefold, from $411 million in 2021 to $2.1 billion in 2022, according to data from Georgia's central bank.

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