Billions Flee Russian Banks Amid Drone Attacks and Fears of Asset Seizure

According to Bank of Russia data, nearly $3.4 billion (286.4 billion rubles) left the country's banks in the first two weeks of August 2026 (Mordad 1405) alone, adding to $7.3 billion that left in July and $4.5 billion in June. According to Donya-e-Eqtesad, citing The Washington Post, escalating Ukrainian drone attacks and fears that deposits could be seized to help fund the war are the main drivers of the unprecedented cash outflow.

Taras Skvortsov, a senior executive at Sberbank, told the Washington Post that total withdrawals this year could reach nearly double the amount that left the country in the first year of Russia's full scale invasion of Ukraine. Per Bank of Russia data, more than $9.4 billion in big business capital also left the country in the second quarter of 2026 alone, and Russia's Finance Ministry was forced last month to cancel a planned government bond sale. Russian GDP growth in the first half of 2026 slowed to 0.3 percent, down from 1.2 percent in the first half of 2025.