Russians Withdraw Record Cash as Fears Grow Over Bank Deposits and War Economy

Russians withdrew 286.4 billion roubles from banks in the first two weeks of August, extending a seven-month run of cash outflows, central bank data shows. Withdrawals exceeded 620 billion roubles in July, bringing the total taken out this year to about 2.4 trillion roubles. Analysts link the rush for cash to economic uncertainty, Ukrainian drone attacks, internet shutdowns that disrupt card payments, inflation and rumours that the government could restrict access to deposits. Russia’s finance minister has dismissed reports of an imminent deposit freeze as false. The withdrawals have tightened rouble liquidity for banks and added pressure to an economy already affected by the prolonged war in Ukraine. Some large companies are also reportedly moving funds abroad amid concerns about state seizures and wider nationalisation efforts.

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