According to data from the Central Bank of Russia, in recent months Russians have begun to more actively withdraw cash from their bank accounts. The total volume of funds in them continues to grow, but the growth rate has slowed down. At the same time, reports are multiplying that the richest citizens are taking money out of the country. What are the reasons?
Increased interest in cash
The increased interest in cash in Russia is a fact. The volume of available rubles reached 21.3 trillion rubles as of July 1, according to Central Bank data. The growth since the beginning of the year is 1.6 trillion, with a particularly large growth in the second quarter - 1.5 trillion. For comparison: in the same period of 2025, the volume of cash increased by only 332.5 billion.
This dynamics looks almost like a panic flight from the banking system, but the overall picture makes it clear that there is no panic. The share of cash has increased by almost 15 percent, and by historical standards, 15 percent is not much. “The share of available funds is obviously growing, but there is nothing surprising in this, given the increased level of digitalization of the Russian economy and the 20 percent interest rates on deposits,” financial consultant Alexander Kolyandr told DW. In other words, although the volume of available funds is increasing, the volume of non-cash funds is also growing in parallel.
The total volume of funds that Russians hold in banks is growing - in July it reached almost 68.4 trillion rubles. But the pace of growth has slowed, and the Central Bank also notes that "the inflow is concentrated in the segment of current accounts and short-term deposits, while funds on long-term deposits have decreased."
This was actually to be expected. Income growth is slowing down, and deposit interest rates are falling. According to Janis Kluge, an expert at the German Foundation for Science and Politics, it is precisely the reduction in interest rates that is the main reason why savings deposits have become more popular. They both bring income and the money is constantly available.
Are Russians afraid of confiscation or freezing of deposits?
The media has been spreading rumors for several years that the Russian authorities may freeze deposits or limit the export of funds. But there is no objective evidence that these fears are widespread among depositors - if we consider, for example, searches on the topic "freezing of deposits" on the Internet.
One of the main reasons for the unrest was a publication on the radio station "Speaking of Moscow", in which the little-known economist Alexei Zubets announced that a decision had been made to reduce the base rate. At the same time, he warned that because of this, Russians would suddenly want to withdraw tens of trillions of rubles from their accounts, provoking "rampant inflation". Zubets said that in order to prevent bank failures, the authorities may decide to limit the export of funds.
As a result, rumors of confiscation aroused less and less interest. Those who were worried may have been reassured by the comments of experts who considered this scenario improbable. The authorities technically cannot appropriate citizens' savings - banks do not keep the funds from deposits in safes, but distribute them in the form of loans. Freezing would create much more problems - if frightened depositors try to withdraw their funds at least from current and savings deposits, which would inevitably cause a financial crisis.
The decrease in trust in the state and banks may be one of the factors for the change in the financial behavior of Russians, but on the surface there are other, more obvious ones. Financial analyst Dmitry Nekrasov explained to DW that it often happens, for example, that terminals do not work, and there are also companies that prefer to move into the gray zone. “Simply put, the amount of cash is increasing simply because it is more convenient for many now."
Who and how can export money from Russia
So it turns out that this is not a matter of panic, but of rational behavior - citizens keep a reserve of cash in case of a technical problem. And for those who own large capital, another rational step is to export part of the capital abroad. The prospects for the Russian economy do not inspire optimism even among the authorities. Interest rates on deposits in Russia remain high, but the risks are also growing.
According to the Central Bank, in June Russians transferred 321 billion rubles to foreign accounts - a record amount since the beginning of the year. But in the second half of 2025, things were similar. Moreover, direct transfers, especially to Western banks, are so complicated by sanctions that they definitely cannot be a main export channel.
The “Bloomberg” agency reports that far larger amounts are leaving the country without leaving a trace in the statistics. It is assumed that tens of billions of dollars may have flowed out since the beginning of the year. The main reasons are the slowdown of the Russian economy and the fear of nationalization. According to the agency's sources, gold, real estate in the UAE, Turkey, some African countries, Armenia and Kazakhstan, as well as cryptocurrencies can be used as protective assets.
Flow of Russian clients to other countries
„The Washington Post" in turn writes that capital is being exported not only by the richest, but also by simply wealthy Russians. „Everyone who can is trying to export money, but this is becoming more and more complicated", says one of the sources of the publication. The most accessible channel is called through brokerage accounts in Kazakhstan, Kyrgyzstan and Armenia. The logic is as follows: first the funds are transferred to a broker in Kazakhstan, from there - to a European broker, and then to a European bank account. This is much easier and cheaper than direct money transfers.
"We regularly receive Russians - the flow is large. Some send the money in transit, others leave it here", confirms an employee of one of the Kazakh banks to DW. But he sees no signs of panic in this flow.
Author: Oleg Loginov