Russians take money out of banks: intelligence explains what they fear

Russian citizens have started more actively moving savings outside the country, buying currency, and withdrawing cash from banks. In the Foreign Intelligence Service of Ukraine, this is linked to fears of new restrictions, mobilization, and possible deterioration of the economic situation.

According to the SBU, from December 2024 year to June 2026 year Russian households transferred nearly 600 billion rubles to non-resident brokers. This sum exceeds the volume of such operations in the previous seven years combined.

The largest outflow of funds was recorded in the spring. In April–June, every month Russians sent through such transfers approximately 42–45 billion rubles, which is more than 500 million dollars.

The intelligence notes that about 40% of these funds effectively leave Russia's territory. Another roughly a quarter of transfers may be related to preparing part of the population for possible relocation abroad.

One of the factors influencing people's behavior has been sanctions. Western banks are tightening checks on funds from Russia, and the country itself last year was added to the blacklist of states with insufficient anti-money-laundering measures.

Parallel to this, Russians began to buy cash currency more actively. In April–June, the population bought almost 159 billion rubles of it — the highest figure since the first months of Russia’s full-scale invasion of Ukraine.

Another signal was a decrease in cash in the Russian banking system. From January to July, citizens withdrew about 2 trillion rubles from banks. Just in July, this figure was approximately 620 billion rubles.

The SBU explains this behavior by fears of a possible tightening of the internal regime after the State Duma elections. Among the possible scenarios there are an introduction of martial law or a new wave of mobilization.

Currently, Russian banks can receive cash currency through third countries. However, in the case of imposing new strict sanctions, this channel may be limited.

Then the Russian market could face a shortage of dollars, and, in similar decisions by the EU, euros as well.

The activity of citizens in withdrawing funds, buying currency, and withdrawing cash indicates growing distrust of a part of the population in the financial system and a desire to preemptively protect their assets.