With a boost from high-priced oil–up 300 percent since last June–Russian exports have surged. The surplus on current account (trade in goods and services plus net remittances of profits and dividends) was over $11 billion in just the first three months of this year. A surplus of $40 billion for the year is a reasonable projection. But foreign investors won’t touch Russia with a bargepole. Net foreign direct investment was less than $200 million for the quarter. Capital flight, as measured by errors and omissions and net outflows of “other investment” in the Central Bank’s financial accounts, was $8.5 billion over the same period.