Russians withdrew record amounts to foreign banks

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Residents of Russia in June conducted transactions in favor of foreign non-resident banks in the amount of 266.1 billion rubles. In dollar terms, this is 4.7 billion dollars. RBC writes about this with reference to the regulator’s reporting on household transactions and its own calculations. This is an absolute record since 2018, when the Central Bank of the Russian Federation began to publish such statistics.

The surge in transfers is due to the large amount of non-cash currency, the movement of which is becoming expensive. Banks introduced fees for holding foreign money, increased fees for SWIFT transactions, reduced limits, or stopped servicing altogether.