Kremlin war funding fears see ‘billions’ pulled from Russian banks

• Russian citizens are withdrawing billions from banks due to fears the Kremlin could seize private deposits to fund the war in Ukraine, according to a report in the Washington Post.
• Data from the Russian Central Bank shows £2.5 billion was withdrawn in the first two weeks of August alone.
• The massive cash outflow follows earlier withdrawals of £5.4bn in July and over £3.3bn in June.
• The wave of withdrawals comes alongside intensifying drone strikes across Russia from Ukraine.
• Experts say the trend reflects a severe lack of trust in the Russian banking system and fears that deposits may be nationalised.

IN FULL

Ukraine-Russia war latest: Russians ‘withdraw billions’ from banks amid fears Putin could seize money