Russians are increasingly reshuffling their savings as economic growth slows, deposit rates fall and concerns over the security of private wealth grow. Bank of Russia data show that individuals made net cross-border transfers worth 321 billion rubles in June, more than double January’s 158 billion rubles and the highest monthly figure since the available series began in July 2025. Of the June total, 177 billion rubles were transferred in rubles and 144 billion in foreign currencies, while transfers exceeded 800 billion rubles during the second quarter alone. Demand for physical cash is rising as well: currency outside the central bank increased from about 19.45 trillion rubles at the start of the year to 21.53 trillion by the beginning of August. Yet this is not evidence of a conventional bank run. Russian households still held 68.4 trillion rubles in banks in July, 9.5% more than a year earlier, although money is increasingly concentrated in current accounts and shorter-term deposits.
The movement of money belonging to Russia’s wealthiest citizens is much harder to measure. Bloomberg, citing wealthy Russians, financial records and property transactions, reported that tens of billions of dollars may have been moved unofficially out of Russia since the beginning of 2026. Portfolios are reportedly being shifted towards gold, cryptocurrencies, overseas property and private investment funds, particularly in Gulf states, while Kazakhstan, Armenia and other countries are being used as financial gateways. These estimates are not official statistics and the true total cannot be independently verified. But fears over asset security have a concrete background: The Washington Post reported that Russian prosecutors said assets worth about $51.5 billion were transferred to the state last year, while assets linked to Rusagro founder Vadim Moshkovich worth around 550 billion rubles, or $7.6 billion, were seized in June 2026.
Economic conditions add to the pressure. Russia’s economy virtually stalled in the first half of 2026, with GDP growth slowing to roughly 0.3%, compared with 1.2% in the same period of 2025, according to figures cited by The Washington Post. High borrowing costs continue to squeeze companies, while Russia’s Finance Ministry temporarily suspended government bond auctions in July because of difficult market conditions. The picture is therefore more complicated than a simple “rush to empty Russian banks”: household deposits remain enormous and continue to grow, but savers are becoming more cautious and liquid, while some wealthy Russians appear increasingly determined to diversify their fortunes outside the country. For Moscow, that may be the more important warning sign – the money has not disappeared from the financial system, but confidence is increasingly looking for insurance abroad.
Sources: Bank of Russia, Bloomberg, The Washington Post, Interfax, Deutsche Welle.
