He recalled that last March-April capital was seriously flowing out of not only Russia but also other developing markets due to the growth of interest rates in the United States.
Kudrin stressed that outflow of capital from Russia was proportional to that from other developing markets like Brazil and Mexico.
To Kudrin, during the low interest-rates period in the West, which is called a bubble formed on the developing markets, which began to shrink after the rise of the Western interest rates. "It is the main cause for the capital outflow," Kudrin said.
He noted that a favorable investment situation is observed in Russia today.
Commenting on the results of the auction to sell the Lukoil state block of shares, he said that the budget will get the planned revenue from privatization.
"The block has been sold for a higher price than initial," Kudrin said.
Lukoil's state block of shares (7.59 percent) was bought at the Wednesday auction for $1.988 billion by Springtime Holdings Limited, representing ConocoPhillips' interest.
The initial price of the state block was 1.928 billion dollars.
Kudrin recalled that the 2004 privatization plan also intends the sale of other large companies' state blocks of shares.
"Interest in Russia's assets, including in the former state companies, is not falling but increasing," the finance minister said.
"The Russian share market is increasing as seen from the privatization plans for this and next year to be met at higher prices," the added.
