Russia faces massive bank withdrawals amid fears of deposit confiscation

Russian banking crisis deposit withdrawals liquidity shortage war financing fears capital flight

Russian citizens and businesses are conducting massive bank withdrawals, driven by fears that the Kremlin may confiscate deposits to fund the ongoing war in Ukraine. According to Central Bank of Russia data, approximately 286.4 billion rubles (about 3.4 billion dollars) were withdrawn during the first two weeks of August alone. This follows significant outflows in June and July, marking a seven-month trend of declining liquidity.

Sberbank executive Taras Skvortsov warned that if this trend persists, total withdrawals for the year could nearly double the levels seen during the first year of the invasion in 2022. The banking sector is facing heightened pressure from rising non-performing loans and the strain of providing credit for military production.

Economic instability is being further exacerbated by Ukrainian drone strikes on Russian energy and economic infrastructure. While some experts, such as former Central Bank advisor Alexandra Prokopenko, consider a full nationalization of savings unlikely, they warn that the government may instead impose strict limits on cash withdrawals. Additionally, significant capital flight is being reported, with companies increasingly using intermediary accounts in Kazakhstan, Kyrgyzstan, and Armenia to move funds out of the country.

Entities

Alexandra Prokopenko · Central Bank of Russia · Kremlin · Russia · Sberbank · Taras Skvortsov · Washington Post

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 3 SOURCES] Over 9.4 billion dollars in capital left Russia in the second quarter of 2026, with companies using intermediary accounts in Kazakhstan, Kyrgyzstan, and Armenia. www.dunya.com · www.indyturk.com · www.cnn.gr
[● 9 SOURCES] The primary driver for the bank runs is public fear that the Kremlin may seize deposits to fund the war in Ukraine. radiosantarosa.com.pe · www.dunya.com · www.indyturk.com · www.newsbomb.gr · petel.bg · +4 more
[● 9 SOURCES] Approximately 286.4 billion rubles (about 3.4 billion dollars) were withdrawn from Russian banks in the first two weeks of August. radiosantarosa.com.pe · www.dunya.com · www.indyturk.com · www.newsbomb.gr · petel.bg · +4 more
[● 7 SOURCES] Sberbank executive Taras Skvortsov predicts total withdrawals this year could nearly double the amounts seen during the first year of the invasion. radiosantarosa.com.pe · www.dunya.com · www.indyturk.com · petel.bg · www.upday.com · +2 more
[● 4 SOURCES] Former Central Bank advisor Alexandra Prokopenko suggests that while full nationalization of deposits is unlikely, the government may impose withdrawal restrictions. www.dunya.com · www.indyturk.com · petel.bg · www.cnn.gr
[● 4 SOURCES] Increased Ukrainian drone strikes on Russian energy and economic infrastructure have contributed to financial instability and public anxiety. www.indyturk.com · www.newsbomb.gr · www.upday.com · www.vesti.bg