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- Russians are pulling record amounts of money from banks, with nearly $3.4 billion withdrawn in early August, according to The Moscow Times reporting on August 18, 2026.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.
33 Articles
33 Articles
A growing fear is spreading among Russians – and the development could end up affecting Vladimir Putin himself.
Russian citizens have been withdrawing cash from banks for the past seven months, giving up double-digit interest rates on their deposits. This is due to a surge in demand for cash payments after card transactions halted in major cities across the country following Russian authorities cutting off mobile networks to block drones in Ukraine. Furthermore, rumors spreading that the government is even seizing citizens' deposits to fund the war are fu…
In the Russian population, the concern seems to spread that the Kremlin could raise private funds for its war. According to Washington Post, many plunder their accounts.
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