Russians withdraw bank funds out of fear of losing savings – Intelligence

Russians are increasingly withdrawing money from bank accounts amid inflationary risks and growing government control over financial operations. 

The Ukrainian Foreign Intelligence Service stated this on its website, according to Ukrinform.

According to intelligence data, in January of this year, Russian citizens withdrew over $19.7 billion from card and savings accounts, while only $5.8 billion was redeposited.

The net outflow from the aggressor country’s banking system reached $13.9 billion, marking the second-largest figure since 2010. The record remains March 2022, when following the full-scale invasion of Ukraine and the introduction of sanctions, Russians withdrew $25.9 billion from accounts.

This negative trend is explained by several factors, including increased Kremlin control over financial operations and disruptions in internet infrastructure. These factors push citizens to keep money away from banks. Inflation expectations also play a role, as households reduce savings in favor of current consumption, doubting the preservation of purchasing power in deposits.

“In parallel, there is a ‘renaissance’ of cash in everyday life. Since the beginning of 2026, every second resident of Russia has been offered to pay for goods or services in cash, and every third person has encountered this multiple times,” the intelligence service notes.

Intelligence data indicate that 18% of Russians receive such offers regularly. Businesses are going underground due to higher value-added taxes, revised insurance contributions, and the lowering of the VAT threshold for companies under the simplified taxation system.

The shrinking deposit base ultimately limits banks' resources for lending and increases their reliance on refinancing from the Central Bank of Russia. Massive fund movements also overload monitoring systems, causing payment delays and higher operational risks. The macroeconomic environment adds further pressure: escalation in the Middle East raises logistics and import costs, fueling inflation. Increased cash circulation and consumer activity create additional inflationary effects, making stabilization an increasingly elusive goal.

As reported by Ukrinform, Russian authorities are preparing restrictions on bank account withdrawals.

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