Russian bank deposits reach record high amid economic shifts

Contrary to reports of a bank run in Russia, household bank deposits have reached record levels. Data indicates that Russian bank deposits have more than doubled since the start of the war in Ukraine and continue to grow.

As of June, Russian household deposits reached a record 70.5 trillion rubles (approximately 827.8 billion dollars). While there has been an increase in demand for cash, this is attributed in part to internet outages that necessitate cash payments over contactless methods, rather than a mass withdrawal of savings to avoid government seizure.