Are Russians turning on Putin? The race to pull BILLIONS from clutches of Kremlin as tyrant ‘scavenges for war cash’

PANICKED Russians are draining billions from bank accounts as Vladimir Putin plunges the economy into chaos. Fears the tyrant could seize their hard-earned cash are mounting, sending citizens scrambling for record amounts of savings. Footage on Russian social media shows swarms of people scrambling for cash Credit: @diadia_vania31/TikTok Russians take out foreign currency in July amid fears the economy is facing serious problems Credit: Getty A staggering £18billion has been pulled from Russian banks so far this year – with an eye-watering £2.5billion taken out in the first two weeks of August alone. That colossal sum eclipses the total amount withdrawn during the entire first year of the war, as well as every year since. Sign up for The Sun newsletter Thank you! Dramatic footage has shown long lines of Russians queuing up to take their money home amid the frenzy – echoing scenes from the chaotic opening weeks of the invasion. The worrying figures have left the Kremlin in a panic as their banks now face cash shortages, according to Taras Skvortsov, a top executive at Sberbank, Russia’s biggest retail financial institution. Russian rubles are being withdrawn at an unprecedented rate Credit: Getty Putin’s economy has taken a hit amid Ukraine’s relentless strikes on key infrastructure, pictured here in Moscow Credit: Reuters Escalating financial woes come as Kyiv’s unrelenting drone and missile strikes shatter the illusion of safety inside Russia – bringing the brutal realities of war directly to Putin’s doorstep. Russian economics expert Nigel Gould-Davies told The Sun: “The Kremlin cannot borrow abroad so must do so within Russia. “More and more people fear that it cannot find the means to do so and will start taking funds, including bank deposits. “They are acting to protect their savings by withdrawing them.” Most read in The Sun Successful strikes in Russia have made residents think twice about whether they want to stay in the country Credit: AFP Putin’s economy is in serious trouble, experts say Credit: Alamy Nigel, former UK ambassador to Belarus, added: “The biggest problem is Russian finances, the budget deficit is rising due to war and sanctions. “Ukraine’s attacks on the oil industry cut export earnings and so make this worse.” He warned it’s “a classic recipe for a banking crisis that gets out of control” – and showed how Russia’s economy is in “serious trouble”. But Putin freezing or nationalising deposits would be the despot’s “last resort”, Gould-Davies added. Customers rushed to withdraw cash in the first few weeks of the war, pictured in 2022 Credit: Getty The Russian Central Bank could be left strapped for cash, experts warn Credit: Getty He also noted the “growing anxiety among ordinary people and oligarchs alike” who are turning on Putin as the war lands at their doorstep and plunges the economy into dire straits. The analyst said: “If people fear the Kremlin might mess with their bank accounts, they will withdraw their money, and this would force the Central Bank to freeze accounts. “Russians remember the 1998 financial crisis and default that made savings worthless and ended support for Yeltsin.” Ukrainian intelligence suggested the massive cash withdrawals are down to people turning on their home country and wanting to flee. Smoke rises above the burning store after a Russian strike in Zaporizhzhia on August 28 Credit: Getty Aftermath of a Russia missile attack in Kyiv Credit: Reuters Those fearful of a rumoured mass mobilisation of 300,000 troops after elections in September have taken action. Kyiv has noted that more Russians are moving money abroad and buying foreign currency. Russia already saw a mass exodus in the first few months of the war – but as the full-scale invasion is brought home, many are mulling whether it is worth the cost. Russia expert Keir Giles said mounting concern among Putin’s population showed how they were waking up to the harsh consequences of the war. He said: “Older Russians still remember how dangerous it is to put your trust in banks. “The resurfacing of those fears is an indication that gradually, the realisation is seeping through of just how disastrous for the country its misguided imperial crusade has been.” It’s not just families emptying their savings as big businesses also pull out cash amid fears they could be in the crosshairs next. The total amount removed from banks this year could be double the sum pulled during the entire first year of the full-scale invasion, according to the Washington Post. Withdrawals come amid spiralling anxiety in Russia due to Ukraine’s successful campaign of long-range strikes. Oil facilities, e-commerce hubs and logistics warehouses have suffered crippling blows this summer through a series of devastating drone blitzes. Kyiv’s stunning operation has sparked chaos in Russia – with many lining up for hours to fuel their cars and energy blackouts reported across the country. International relations analyst Dr Anna Matveeva said her family in Russia have been hoarding canisters of fuel amid growing unease. She told us: “My brother, he’s not somebody who just panics just like that, but he and his wife went out and queued and they filled several canisters of petrol which now they store. “In normal life, they would not have ever dreamt of doing it.” Matveeva said Russia’s economy wasn’t on the brink of total collapse, but agreed there was a “sense of anxiety and disruption of everyday life”. She said: “A lot of events have given rise to worries. “There are more successful attacks, more civilians have been killed, there are petrol queues, people cannot get their goods delivered. “It is more of a sense that the war has started to affect society for the first time – more than it has ever done before.” Russia researcher Mark Galeotti put the huge cash withdrawals down to digital payment systems being crippled by Ukraine’s strikes. Paranoid Russian officials have jammed mobile signals to counter Kyiv’s drone attacks – but inadvertently left ordinary citizens in the dark. The analyst told The Sun: “What we’re actually seeing is the Russian economy shifting back onto a cash basis, as would happen if suddenly we couldn’t pay by tapping our debit cards. “It’s a sign that there’s definitely pressure on the economy. “Having got used to being very digital on everything, now the Russians are having to go back to a bit of analogue.” With Russia stepping closer to elections in the next few weeks, there are mounting fears Putin could mobilise hundreds of thousands of troops to thrust pressure back on Ukraine. Gould-Davies explained how the economy’s crippled state has cornered Putin. “This sense of fragility can explain why the Kremlin appears poised to try to escalate the war into Europe. It no longer believes time is on its side,” he said. Strain on Russia’s finances comes amid escalating tensions between Putin and Europe. This week, Andy Burnham handed Kyiv blueprints to produce long-range Storm Shadow missiles which will help Ukraine continue their counter-offensive attacks. Kremlin cronies hit back with fury as Moscow declared the UK was “playing with fire” and accused Britain of participating in the war. And the threats came as CIA director John Ratcliffe made a mystery visit to Russia – with reports claiming he flew to the Russian capital to warn Putin not to attack Nato. It has still not been confirmed what the official purpose of the trip was. As tensions mount between Nato and Russia, everyday people in Russia are increasingly feeling the effect of the war on their doorstep. Comment now