Large-scale cash withdrawals from Russian banks amid confiscation fears and infrastructure attacks

Summary

Russian banks are experiencing record cash withdrawals of nearly $3.4 billion in early August, following $7.3 billion in July and over $4.5 billion in June, with total withdrawals exceeding $24.7 billion for the year. The withdrawals are driven by intensifying Ukrainian drone attacks on Russian infrastructure and growing public fear that the government may confiscate deposits to finance the war, creating liquidity problems and hampering the government's efforts to raise funds through bond issuance.

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