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    URGENT: Net capital outflow from Russia $5.5 billion in first half 2005- Gref

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    MOSCOW, August 4 (RIA Novosti)-Russian Minister of Trade and Economic Development German Gref told a government session Thursday that net capital outflow from Russia stood at $5.5 billion in the first six months of 2005.

    "The Russian economy was unable to absorb the inflow of petrodollars," the minister said.

    According to Gref, gross capital outflow in the first quarter stood at $18.9 billion before falling to about $15 billion in the second quarter.

    "Net capital outflow also increased and reached $5.5 billion due to reduced borrowing," Gref said.

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