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Why are Russians withdrawing billions from their bank accounts?

2026-08-20 10:11:52Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Why are Russians withdrawing billions from their bank accounts?

Fearing that their savings could be nationalized, people in Russia are currently withdrawing more and more rubles from banks. Meanwhile, large companies are transferring more and more capital abroad.

Many people in Russia are withdrawing more and more rubles from their bank accounts and keeping them at home. In the first seven months of the year alone, some 2.4 trillion rubles, or about 24 billion euros, have reportedly been withdrawn from bank accounts.

This is more than during the first year of the occupation of Ukraine, 2022, when 2.2 trillion rubles were withdrawn, and the authorities imposed strict restrictions to stop people from flocking to banks. According to a forecast by Sberbank, by the end of the year the amount of money withdrawn could reach 3.8 trillion rubles.

According to reports, even large companies are increasingly transferring capital abroad due to the risk of nationalization or confiscation of assets, economic instability caused by Kremlin policies, and drone attacks from Ukraine.

Fear of nationalization and confiscations

The media say that fears and rumors are growing that the Russian government may soon force citizens to convert their savings into war bonds. This is because, as a result of rapidly increasing war costs and huge losses of income from refineries, factories and large warehouses destroyed by Ukrainian drone attacks, the budget deficit is exploding. It has already reached about 65 billion euros, almost double what was planned for the whole year.

Also, due to the recession in the civilian sectors of the Russian economy and state-controlled prices in the arms industry that do not cover costs, the number of problem loans in Russian banks is growing rapidly. As a result, many people fear that their bank accounts and savings are not safe.

The Central Bank of Russia estimated that there was a capital outflow of 8.1 billion euros from Russia in the second quarter of 2024 alone. More and more wealthy Russians are transferring their money from domestic banks to brokers in Kazakhstan, Kyrgyzstan and Armenia.

According to official Russian data, between 2022 and the end of 2025, the authorities nationalized assets worth approximately 72 billion euros. This includes property of Russian companies that were considered undesirable by the authorities or of foreign firms that left Russia after the attack on Ukraine.

Deterioration of the economic situation due to attacks from Ukraine

The increasing number of Ukrainian attacks on refineries, logistics centers, and weapons factories in Russia is also putting increasing psychological pressure on the population. The Russian government has repeatedly shut down the internet, paralyzing activities in the e-commerce, transportation, and service sectors.

Drone strikes on more than twenty logistics centers of online commerce platforms Wildberries and Ozon have caused the burning of goods worth billions of euros, driving hundreds of thousands of Russian suppliers towards bankruptcy.


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