"We made our preliminary estimates - $35-40 billion - long before the extent of the global financial crisis had been fully assessed. And I believe the figures could now be lowered to $25 billion," the minister said during an Audit Chamber meeting.
He said it was difficult to give an accurate prediction as the slowdown on global markets may worsen.
The minister said that in a bid to meet their debts foreign companies are actively selling shares of companies in countries such as Russia, causing a decline in share prices.
However, he said the situation is not harming stability on the Russian financial market, and that Russian companies are coping with the problem. For comparison, Kudrin recalled the 1998 financial crisis in Russia, when capital flight totaled $21 billion and the financial system collapsed.
"This time $20 billion left the country in two months and the country did not even feel it," Kudrin said.
He said Russia had strong prospects to finish the year with an overall stock market rise.
