Russians massively drain bank accounts and hide billions at home

Amidst tightening bank controls, account freezes, and tax policy changes, Russians are massively withdrawing money from bank deposits. From February to September, the volume of cash held by the population increased by 3.3 trillion rubles. Experts link the trend to distrust of the banking system and a desire for financial security.

Russians are massively withdrawing money from bank accounts, preferring to keep savings in cash. From February to September 2026, the volume of cash held by the population increased by 3.3 trillion rubles. The Central Bank of the Russian Federation predicts that by the end of 2026, the increase will be 3.7 trillion rubles, and in 2027 — another 2 trillion rubles. Economists link this trend to several factors. Banks have become more frequent in freezing accounts and suspending suspicious payments, creating a risk of temporary loss of access to funds. Internet outages and communication disruptions limit the ability to use online banking. Changes in tax policy — an increase in VAT to 22%, the introduction of a tax on bank card transactions, and a reduction in the income threshold for companies to be exempt from taxes from 60 million to 20 million rubles — are also pushing entrepreneurs toward cash transactions. The reduction of the Central Bank's key rate from 18% to 14% has led to a decrease in deposit yields, making holding money in accounts less attractive. The psychological factor also plays a role: in conditions of geopolitical isolation and economic uncertainty, physical possession of money is perceived as a more reliable way to preserve savings, although cash is not protected from inflation and the risk of theft. Earlier it was reported that the Russian economy continues to experience pressure due to the war. The GDP growth forecast for 2026 is only 0.6%.