Panic at the banks, Russian Cash Withdrawals Reaches 9.4 billion

Russians Pull $9.4 Billion From Banks as Cash Withdrawal Reaches 2022 Panic Levels

A record flight of household money out of Russia's banks—the sharpest since the opening months of the full-scale war—has now spread to nearly all of the country's largest lenders.

The pattern, drawn from bank reporting aggregated by the financial-data service banki.ru, was detailed by The Moscow Times on August 18.

Five of the seven banks that hold the largest pools of household deposits began bleeding funds once demand for cash spiked in early March. The steepest four-month declines fell across the sector's biggest names:

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