Cash withdrawals from Russia's banking system have accelerated sharply, with hundreds of billions of rubles flowing out of accounts in the past month alone.
The cumulative amount of cash in circulation among Russian households has now exceeded 2 trillion rubles since the start of the year, according to Kommersant.
This surge in physical currency demand reflects a pronounced loss of confidence in the financial system, as citizens seek to safeguard their savings outside of digital banking channels.
The repricing of risk in Russia's domestic financial markets is intensifying.
The rapid shift toward cash suggests that depositors are increasingly wary of bank stability, a sentiment that could trigger further liquidity pressures on lenders already strained by economic headwinds.
While specific market data on Russian bank shares is limited due to sanctions and trading restrictions, the behavioral shift indicates a deepening crisis of trust that may force the central bank to intervene to stabilize deposit flows.