We are talking about the most significant outflow of funds from deposits since at least 2008. In October of this year, at the peak of the global financial crisis, Russians withdrew 6 percent of all deposits, but in absolute numbers this amount was lower than now.
The biggest outflow of funds from bank accounts came in the last week of February, after Russia’s actions in Ukraine.
Western sanctions affected Russia’s banking system and the Central Bank itself, part of whose reserves were frozen. This led to a sharp drop in the ruble exchange rate and the introduction of restrictions on foreign exchange transactions in Russia.
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