Russians pull billions from banks, fearing Kremlin will seize deposits for war
Households and businesses are shifting billions into cash and offshore routes as fears grow that the state could target private savings, bankers said.
- Russians are pulling record amounts of money from banks, with nearly $3.4 billion withdrawn in early August, according to The Moscow Times reporting on August 18, 2026.
- Escalating Ukrainian drone strikes and economic instability are sharpening fears that the Kremlin might tap private savings to finance the war, driving this exodus.
- Withdrawals have spread to major institutions; Gazprombank lost 10.77% of household deposits over four months while Rosselkhozbank shed more than 15%, forcing many Russians to store physical cash "under their pillow" for security.
- The Finance Ministry was forced to cancel planned bond issues last month after yields on 10-year government debt surged to around 17 percent, hampering Moscow's ability to finance the war.
- Economic momentum continues to fade, with GDP growth hitting just 0.3 percent, while businesses increasingly move capital through brokerage accounts in Kazakhstan, Kyrgyzstan, and Armenia to escape domestic risks.
47 Articles
47 Articles
Russians withdraw billions from their accounts, which poses problems for both banks and President Putin.
Many Russians apparently fear for their savings. The enormous demand for cash burdens the banks in Russia and also becomes a problem for the Kremlin.
According to a media report, citizens in Russia are emptying their accounts. The withdrawals in billions seem to cause liquidity problems in the banks.
Russians pull billions from banks fearing Kremlin will seize savings for war
Russia's central bank reported that billions of roubles have been withdrawn from banks each month, as Russians pull out cash amid fears of the Kremlin seizing their savings to fund the war in Ukraine amid a deteriorating economy.
Russians take money out of their accounts. Many fear the Kremlin's seizure. The banking crisis threatens Putin's war treasury.
Fear of savings and wealth is growing in Russia. Billions of withdrawals are putting banks and the state increasingly in distress.
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