🕒 Created · Updated

Russians withdraw billions from banks as fear of state asset seizures and Ukrainian drone strikes fuels economic uncertainty

Russians have withdrawn approximately €24.4 billion from the country's banking system in the first seven months of 2026, driven by fears that the Kremlin may seize private deposits to fund its war in Ukraine. Data from the Banks.ru financial marketplace show that demand for cash began rising in early March, with roughly 300 billion roubles leaving accounts every month. This trend is exacerbated by Ukrainian drone strikes on oil refineries and logistics infrastructure, which have deepened the economic crisis. Large-scale capital flight is causing severe liquidity shortages across a banking sector already burdened by state-directed lending. While some banks like Gazprombank and Rosselkhozbank saw significant net outflows, T-Bank recorded an increase in deposit volume. The exodus makes it harder for the Russian government to borrow money, forcing the Finance Ministry to cancel planned bond sales due to a lack of cash. As the war of attrition continues, depositors are increasingly seeking to hold physical cash to avoid potential government intervention and the instability caused by a Ukrainian counter-offensive.

Sources