"A lot of my friends have moved out from Russia because they don't believe they can build any business here," Alena Popova, chief executive of Rusbase, which is focused on Russian start-ups and venture capital, told CNBC.
"I'm afraid we have 70-75 percent of people who would like to build their first business going out of Russia."
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"It is not very easy to find a new level of equilibrium," Yulia Tseplyeva, chief economist at Sberbank, told CNBC.
She spoke of a "wave of optimism" returning to Russia's MICEX stock index following the pessimism of early March, which saw an estimated $70 billion yanked out of Russia. The MICEX has underperformed the broader emerging markets index
Some of this capital is now returning, particularly from Russian investors, and that could lead to more capital inflows, Tseplyeva argued.
However, she is "not confident" about much-needed structural reforms to the economy going ahead this year.
"It's not a story about Ukraine, it's about our local economy," Popova said.