Russians Pull $9.4 Billion From Banks as Cash Withdrawal Reaches 2022 Panic Levels
6 Articles
6 Articles
Russians Pull $9.4 Billion From Banks as Cash Withdrawal Reaches 2022 Panic Levels
A record flight of household money out of Russia's banks—the sharpest since the opening months of the full-scale war—has now spread to nearly all of the country's largest lenders. The pattern, drawn from bank reporting aggregated by the financial-data service banki.ru, was detailed by The Moscow Times on August 18. We bring you stories from the ground. Your support keeps our team in the field. DONATE NOW Five of the seven banks that hold the la…
Trust in Russia's financial system is dwindling – apparently also domestically. The consequences are hitting an important pillar of state war financing.
Russians Pull Cash From Banks
“Russians are pulling billions from the country’s banking system ― a record cash outflow amid intensifying Ukrainian drone attacks and rising fear that the Kremlin could start seizing deposits to finance its war,” the Washington Post reports.
In the first two weeks of August, Russians withdrew almost $3.4 billion (286.4 billion rubles) from banks. This is a record outflow of cash amid intensifying Ukrainian drone attacks and fears that the Kremlin may begin withdrawing bank deposits to finance the war.
During the incomplete summer, citizens and businesses withdrew about $15.2 billion from banks, and by the end of the year, the outflow may double the figure of 2022
The Russians withdraw billions from the country's banking system — a record flow of cash outflows on the backdrop of intensifying drone attacks in Ukraine and growing fears that the Kremlin might start confiscating deposits to finance its war.
Coverage Details
Bias Distribution
- 67% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
