Russia expects investors to move up to $70bn (£42bn) worth of assets out of the country in the first three months of this year, as the political crisis continues in Ukraine.
Andrei Klepach, Russia's deputy economy minister, said the ongoing tensions are causing investors to grow nervous. He also warned of a stagnant growth and rising inflation in the Russian Federation.
Mr Klepach said he expects the economy's growth to be "around zero" for the first quarter of 2014. It grew by just 1.3% last year.
The deputy economy minister said: "There won't be a recession, but there is a problem of stagnation: it's length and depth.
"Unfortunately the investment slump is continuing. I'm not ready to say how long it will continue."
Official estimates from the economy ministry forecasts between $65bn and $70bn worth of assets will be moved out of the country. But Mr Klepach expects the figure to be closer to $70bn.
He also said that the economic sanctions imposed on Russia by the US and EU are yet to make a significant impact, but said "worsening of relations is a significantly negative factor for economic growth and correspondingly influences the capital outflow".
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