Russians have sharply increased money transfers to accounts held with foreign brokers, seeking to move capital out of the country before doing so becomes impossible. From December 2024 through June, households transferred almost 600 billion rubles to non-resident brokers — more than in the previous seven years combined. In April–June alone, monthly transfers reached 42–45 billion rubles, or more than $500 million.
Around 40% of these transfers represent the actual movement of money out of the country. Of this amount, three-quarters goes into so-called “parking” solutions, where a brokerage account effectively replaces a foreign-currency bank account, while one-quarter is linked to preparations for a possible move abroad.
The trend is being driven by sanctions and the increasingly restrictive approach of Western banks toward Russian money, particularly after the EU placed Russia on its blacklist of countries deemed deficient in combating money laundering late last year.
At the same time, Russians have returned to buying foreign currency in cash on a large scale. In June, net foreign-currency purchases by households reached 54.9 billion rubles, following 52.2 billion in May and 51.8 billion in April. The total for the three months was nearly 159 billion rubles — the highest level since the first months of Russia’s full-scale invasion of Ukraine.
Some of this money was withdrawn from bank accounts. Between January and July, around 2 trillion rubles were taken out of the banking system in cash, including 620 billion rubles in July alone.
Anxiety among Russians is growing amid expectations that after the State Duma elections, the Kremlin could tighten its domestic policies, potentially introducing martial law or launching another mobilization.
For now, banks continue to import foreign-currency cash through third countries despite sanctions banning direct supplies of dollars and euros. However, if the US Congress passes legislation imposing so-called “hellish sanctions” on Russia, this channel could be cut off. That could create a shortage of foreign-currency cash on the domestic market, forcing Russia’s central bank to restrict its sale. If the EU takes similar measures, the restrictions could also affect the euro.
