Russians pull billions from banks, fearing Kremlin will seize deposits for war
Russians have withdrawn billions from banks for a seventh consecutive month, driven by fears that the Kremlin may seize deposits to fund its war efforts. This trend is attributed to increasing capital flight and tightening sanctions. Russians are shifting their savings to foreign brokers, with nearly 600 billion rubles moved abroad. The Russian Ministry of Internal Affairs has urged citizens to limit cash withdrawals and nighttime money transfers.
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- ✓ Russians have withdrawn billions from banks for a seventh consecutive month.
- ✓ Nearly 600 billion rubles have been shifted to foreign brokers.
- ✓ The Russian Ministry of Internal Affairs has urged citizens to limit cash withdrawals and nighttime money transfers.
What changed
The withdrawal of funds has persisted for a seventh consecutive month, with Russians continuing to move their savings to foreign brokers.
Live updates
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Russians pull billions from banks, fearing Kremlin will seize deposits for war
Russians have withdrawn billions from banks for a seventh consecutive month, driven by fears that the Kremlin may seize deposits to fund its war efforts. This trend is attributed to increasing capital flight and tightening sanctions. Russians are shifting their savings to foreign brokers, with nearly 600 billion rubles moved abroad. The Russian Ministry of Internal Affairs has urged citizens to limit cash withdrawals and nighttime money transfers.
Why it matters
This mass withdrawal of funds reflects growing concerns among Russians about the potential for the government to access their bank deposits. The situation is unfolding against a backdrop of international sanctions and an ongoing conflict in Ukraine. The Kremlin's actions and the economic implications of the war are influencing Russians' financial decisions.
What is confirmed
- Russians have withdrawn billions from banks for a seventh consecutive month.
- Nearly 600 billion rubles have been shifted to foreign brokers.
- The Russian Ministry of Internal Affairs has urged citizens to limit cash withdrawals and nighttime money transfers.
Still unconfirmed
- The Kremlin threatens to seize deposits to fund its war efforts.
What to watch next
- Further developments in Russia's conflict with Ukraine
- Changes in international sanctions on Russia
- The Kremlin's response to the mass withdrawal of funds
confidence 85%Sources used for this update (11)
- The Independent — Ukraine-Russia war latest: Kremlin threatens UK over Kyiv’s ‘use of British drones’ in record attacks
- washingtonpost.com — Russians pull billions from banks, fearing Kremlin will seize deposits for war
- The New Voice of Ukraine — Russians rush money abroad as sanctions tighten and capital flight accelerates
- Служба зовнішньої розвідки — Dollar Panic: Capital Flight from russia
- Межа. Новини України. — Russian Households Shift Nearly 600 Billion Rubles to Foreign Brokers as Restrictions Loom
- Курс України — Russians increasingly move savings to foreign brokers
- The Daily Beast — Putin Hit With Humiliating New Crisis as Russians Pull Billions From Banks
- ua.news — For the seventh month in a row, Russians have been withdrawing record amounts of cash from banks
- ua.news — In Russia, the Ministry of Internal Affairs has urged citizens to limit cash withdrawals and nighttime money transfers
- The Telegraph — Russians withdraw billions from banks amid fears Putin could seize deposits
- eciks.org — Russian bank cash withdrawals hit seventh consecutive month of record outflows
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