Russians are pulling billions of dollars out of their bank accounts as fears grow that the government could eventually take private money to help pay for Vladimir Putin’s war in Ukraine. The withdrawals come as the war appears to be putting more pressure on Russia’s economy, with Ukraine stepping up attacks deep inside Russian territory.
Ukrainian strikes have increasingly targeted businesses, energy facilities and other important infrastructure inside Russia. Russians are also dealing with a fuel crisis, adding to concerns about the country’s economic situation. Depositors withdrew nearly $3.4 billion in the first two weeks of August alone, according to figures cited by The Daily Beast.
Russians pull billions from banks
That amount came on top of about $11.8 billion withdrawn during June and July, showing that the cash exodus has been building for months. The withdrawals could become much larger if people continue to lose confidence in the banking system.
Sberbank senior executive Taras Skvortsov said total capital flight in 2026 could reach twice the amount seen during the first wave of withdrawals after Russia invaded Ukraine in 2022. The large-scale withdrawals are creating a serious problem for Russian banks because they need enough cash available when customers want to take their money out.
Russian banks face cash pressure
The banking sector was already under pressure because of rising bad debts and heavy lending linked to the war economy. Russian banks have been pushed to provide more loans as the government directs money toward industries supporting the military and the wider war effort. This means banks are facing a difficult situation: customers want their cash back, while banks have already put much of that money into loans and other investments.
{{/usCountry}}The banking sector was already under pressure because of rising bad debts and heavy lending linked to the war economy. Russian banks have been pushed to provide more loans as the government directs money toward industries supporting the military and the wider war effort. This means banks are facing a difficult situation: customers want their cash back, while banks have already put much of that money into loans and other investments.
{{/usCountry}}Also read: Anthropic IPO could beat SpaceX for biggest IPO of 2026 as revenue nears $65 billion
People fear losing their money
A former Russian finance official told The Washington Post that growing attacks inside Russia are making people nervous. The former official said people may increasingly feel that it is safer to keep cash at home rather than leave it in a bank, because they fear they may not be able to get it back later.
The official also warned that some Russian banks were not prepared for such a large wave of withdrawals. According to the former finance official, some banks had already invested the cash they received from depositors elsewhere when customers suddenly started demanding their money.
The official said people are now withdrawing around half a trillion rubles, or about $5.9 billion, every month. The cash withdrawals are not limited to ordinary Russians. Large businesses are also moving money out of the country. Fresh figures from Russia’s Central Bank showed that more than $9.4 billion left Russia during the second quarter of 2026 alone.
Big businesses move money out
This wider capital flight is creating another problem for the Russian government because it needs large amounts of money to keep financing the war. Russia’s government is already dealing with a large budget deficit, partly because military spending has risen sharply. At the same time, the Russian economy is struggling to maintain strong growth, making it harder for the government to raise enough money through normal economic activity.
Russia struggles to raise funds
The Russian Finance Ministry depends heavily on selling government bonds to raise money and cover the budget gap. But the government recently faced a major setback when it cancelled planned bond sales because there was not enough demand or available cash in the market, according to the report. The difficulty in selling bonds shows how the capital flight could directly affect the Kremlin’s ability to raise money for its growing wartime expenses.
The situation could become even more serious if Russia’s war in Ukraine continues as a long war of attrition, putting further pressure on government finances and the wider economy. Some people close to Russia’s wealthy business community fear that the government could eventually turn to private assets if it needs more money.
An associate of a Russian billionaire told The Washington Post that Putin could simply move to seize assets if the government needs cash, adding that the billionaire’s circle believes this could be where the situation is heading. A former Russian finance official also said there is a growing feeling inside Russia that political power is becoming less stable. That fear could encourage more Russians and businesses to move their money out of the banking system or outside the country. Ukraine’s attacks on major Russian businesses are adding to those fears.
Ukraine targets Wildberries
On Sunday, Ukraine launched a large drone attack against Russia that set fire to another Wildberries facility and killed six people, according to the Daily Beast. Wildberries is one of Russia’s biggest online shopping companies and is often compared with Amazon in the United States. The company has increasingly become a target of Ukrainian attacks because of its large network of warehouses and other facilities across Russia.
More than 20 warehouses hit
Billions of dollars worth of goods are believed to have been destroyed in drone attacks on Wildberries facilities across the country. Ukraine began its current campaign against Wildberries facilities on July 18. Since then, Ukrainian forces have struck more than 20 Wildberries warehouses, according to the report.
The repeated attacks are adding another layer of pressure on Russian businesses, which are already operating in an economy heavily affected by wartime spending and uncertainty. For ordinary Russians, the combination of bank withdrawals, attacks inside Russia, the fuel crisis and fears about government finances is increasing economic nervousness.
The biggest concern for the Kremlin is that continued withdrawals could weaken banks' liquidity at a time when Russia needs its financial system to keep supporting the war economy. If Russians continue taking money out of banks and businesses continue moving capital abroad, the government could face even greater difficulty raising money for its budget and military spending. The growing cash withdrawals therefore point to a wider problem: Russia is not only fighting a military war in Ukraine but is also facing increasing financial pressure at home.