Russians Take Their Dollars from Sberbank, VTB to Foreign Banks

UrBC, Moscow, October 29, 2018. According to the Russian banks’ reports as of October 1, 2018, Russian nationals kept withdrawing their dollar savings ($662m) as well as their ruble savings (RU 141bn) from Russian banks throughout September. Most of the money fled from the banks mentioned in the U.S. anti-Russia package that included a proposal to ban foreign currency transactions, Kommersant reports.

Sberbank’s foreign currency deposits shrank by over $901m in the course of last month; those of VTB dropped by $95m; those of Sovcombank by $55m. Some of these funds got transferred to Russian subsidiaries of foreign banks such as Raiffeisenbank (+$233m), Rosbank (+$46m), and Unicredit (+$41m).

Alfa-Bank’s foreign currency deposits also increased by $100m, as did those of two partly state-controlled banks Otkritie and Gazprombank ($59m and $47m, respectively). As for the banking sector on the whole, the amount of private customers’ foreign currency savings within the system dropped by $662m in September.

Ruble deposits also kept decreasing in volume, with most of private savings withdrawn also from Sberbank (-RUR 46bn) and VTB (-RUR 30bn).

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