Russian banks may restrict cash withdrawals
Russia’s banking system is under severe strain due to war-related spending and sanctions. Ukrainian intelligence reports a mass outflow of funds from accounts and says the Kremlin is preparing to introduce strict restrictions. According to the Foreign Intelligence Service of Ukraine, the situation is becoming increasingly unstable, while public trust in banks is rapidly declining.
In January 2026, Russians began withdrawing money from their accounts en masse. “Russian citizens withdrew more than $19.7 billion from card and savings accounts, while only $5.8 billion was returned to deposits,” the intelligence service reported. As a result, the net outflow of funds from the banking system reached $13.9 billion — one of the worst figures in recent years.
Several factors are driving the withdrawals. First, tighter government control — many Russians fear their funds could be restricted or frozen. Second, internet disruptions are adding to the instability. Inflation is also playing a role. People are uncertain whether their savings will retain their value, so they prefer to spend money now rather than keep it in banks.
The intelligence service notes that Russia’s banking system has effectively become dependent on the funds of ordinary depositors. “Deposits from average Russian citizens have already become a financial reserve for the country’s major banks, which are effectively on the verge of crisis due to a lack of capital,” the statement said. At the same time, these funds are actively used to support the state — including for purchasing government debt and financing the military-industrial complex.
To maintain control over the situation, the Kremlin may resort to strict measures. “To address the shortfall in bank funds and protect itself, the Kremlin is preparing to introduce restrictions on deposit withdrawals,” the intelligence service reported. This means that access to personal funds for Russians could become even more limited.
Separately, reports said a drone targeted the governor of the Belgorod region during a border inspection.
Authorities also said there will be no hot water in Belgorod until the end of April.
Russia has also accused Ukraine of another attack on the region.
