Russians are pulling billions from banks over fears Putin will raid their savings

Danni Scott | Live News reporter Published August 19, 2026 10:23pm Updated August 19, 2026 10:23pm Russians are moving to cash over concerns about Putin’s war (Picture: ALEXANDER NEMENOV/AFP via Getty Images) Russian citizens have reportedly begun to pull money from banks after fears Vladimir Putin will raid savings to pay for the war against Ukraine. During the first two weeks of August, the country saw the volume of cash in circulation rise by 286.4billion roubles, the equivalent of £2.5billion. Russian banks have been bleeding cash each day, with the highest outflow of 56.8billion roubles (£491.9million) recorded on August 12. The month before saw a record outflow, with more than 620billion roubles (£5.4billion) withdrawn from the banking system. For seven consecutive months, money has