Russians Pull 288 Billion Rubles From Deposits as Cash Hoarding Hits 0.9 Trillion
Updated
Updated · UNITED24 Media · May 18
Russians Pull 288 Billion Rubles From Deposits as Cash Hoarding Hits 0.9 Trillion
3 articles · Updated · UNITED24 Media · May 18
288 billion rubles left Russians’ fixed-term bank deposits in March, the first monthly outflow since the mobilization panic of October 2022, with long-term accounts seeing the sharpest withdrawals.
Falling interest rates drove savers to let deposits mature without renewal, while localized internet outages and payment disruptions also pushed households to withdraw physical cash.
0.3 trillion rubles in cash was pulled in March and another 0.6 trillion in April, while car sales rose 30.6% year on year in March and 15.1% in April, signaling money shifting into spending and alternative assets.
46.9 trillion rubles still sat in fixed-term deposits as of April 1, but fresh inflows have largely stalled; in 2025, retail savings growth came almost entirely from accrued interest rather than new money.
Officials and economists say last year’s record 16.6% savings rate is now starting to unwind as rates fall, potentially feeding consumer demand even as migration-related searches have climbed again into early 2026.
Are soaring corporate defaults and nervous savers the first signs of a looming Russian banking crisis?
Is Russia’s war on VPNs accidentally triggering a run on its own banks and a return to cash?
With its war economy slowing, will Moscow seize 37 million private pensions to fund state projects?