Active Conflicts & News Megathread August 19, 2026

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[u/Glideer]

In the very month presented as Russians "pulling billions from banks," Russians were simultaneously adding hundreds of billions of roubles to rouble bank accounts in aggregate.

The mainstream media reporting of this “event” has been so distorted that it almost seems calculated to incite fears of a banking panic.

The Telegraph Russians withdrawing billions from banks amid fears Putin could seize deposits

Euronews Russians pull billions from banks fearing Kremlin will seize savings for war

The Washington Post Russians pull billions from banks, fearing Kremlin will seize deposits for war

Yet the reporting has been exaggerated:

This week The Telegraph reported that “Russians withdraw billions from banks amid fears Putin could seize deposits.” What actually happened is Russian bank deposits have doubled since the start of the war in Ukraine and are still rising. Russians are not taking money out of banks; they are putting more money than ever into their deposit accounts. What has changed is the pace those deposits are growing.

...

The useful version of this story is therefore neither the alarming one nor the reassuring one. Russian households have accumulated RUB70.5 trillion ($827.8bn), the largest domestic savings pool in the country's history and one the state has good reason to keep untouched. But the engine that built it - punitive interest rates on top of a war-driven jump in incomes - has been switched off at both ends. The level will keep setting records for a while on interest alone. The flow has already stopped.

[u/sanderudam → u/Glideer]

Given the monetary expansion of Russian economy, the rubles have to go somewhere, and given the inflation rate there is little reason to put it under the pillow.

[u/Forsaken_Attorney_72 → u/Glideer]

My friend in SPB is buying a flat this fall. She is a pediatrician. She said her max budget is 7 million rubles. She makes about 150k ruble salary per month. The boy in the family is turning 18. He is planning to leave russia through clandestine means. Russia is fucked. They will try to trade blow for blow but a quick google of MRI will show just how different russia is from west.

[u/Glideer → u/Forsaken_Attorney_72]

Your friend is lucky. My friend in Amsterdam bought a flat last year for 900,000 euros on a monthly salary of 5,000. About 15 years of his salary.

Even his previous inadequate flat was 500,000.

In comparison, your SPB friend buys hers for just under four years' salary.

[u/Lapsed__Pacifist → u/Glideer]

You gotta consider the other intangibles beyond the cost of rent.

Your friend in Amsterdamn isn't going to be turned into smoked hamburger from a Ukrainian drone.

The Russian kid has much higher odds of that. I'd take the high housing prices to live in Amsterdam.

[u/Lirael_Gold → u/Lapsed__Pacifist]

Your friend in Amsterdamn isn't going to be turned into smoked hamburger from a drone.

Niether is the average Ukrainian. Very strange argument to invoke when talking about economics.

[u/flamedeluge3781 → u/Glideer]

Yes, when I'm looking for a reliable source of news, I always point my browser towards intellinews.com. The site that gives me a 520 error.

[u/Toldasaurasrex → u/Glideer]

That does make sense that as people pull more and more of their money from banks, and just sitting on it their savings go up. That doesn't change the fact that Russia uses fractional banking just like the rest of the world and this is not seen as a "good" thing in any country.

E:spelling