Russians Withdraw Record Cash Amid Fears Over War Economy
10 Articles
10 Articles
Russians are withdrawing billions from their bank accounts at a rapid pace out of fear that the Kremlin will nationalize their savings or business assets to finance the war in Ukraine, leading to serious liquidity problems at banks and failed government bond issues.
derwesten.de
In Russia, savers withdraw billions – for fear that the Kremlin could seize bank deposits for the Ukraine war.
In the first two weeks of August almost 3 billion euros have been withdrawn (286,400 million roubles) from Russian banks, which add to the 10 billion euros withdrawn between July and June, according to data from the Central Bank of Russia. A record cash outflow amid the intensification of attacks on both sides of the front, and encouraged by the fear that the Kremlin will decide to confiscate the reserves and use them for war. Taras Skvortsov, a…
The media reported that Russians would withdraw billions from their accounts – fearing that the Kremlin could collect private money. But it's not that simple.
Citizens of the Russian Federation in the first seven months of the year removed from the banking system more than €24.4 billion in cash due to fears that the Kremlin will freeze deposits for financing the war.
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