Page 119 - RusRPTMar23

8.1.3 Deposits
In 2022, the amount of Russian deposits held abroad tripled to $94.3bn.
The Central Bank's recent statistics show a net outflow of $63.7bn of personal funds to foreign accounts throughout the year. This is a historical record, with individual monthly outflows exceeding the total amount of 2021.
The first withdrawal surge happened after the recognition of the DPR with the LPR and a military operation. In February, $4.3bn was withdrawn compared to $0.5bn in January. The outflow slowed down from March to May due to Central Bank restrictions, but then increased.
In September and November, there were the highest monthly values of withdrawals, with $9.3bn and $9.2bn, respectively.
It is essential to note that only the most transparent part of capital flight is considered in the Central Bank's statistics on deposits. However, it is still significant that foreign currency savings in Russian banks fell by nearly 40% in 2022 to $58.1bn, less than deposits abroad. This money belongs to the wealthiest Russians.
The recent statistics have shown that at least 4 trillion rubles stopped working for the domestic economy. The situation is further compounded by the record growth of bank cards in the countries of "card tourism" and cryptocurrencies, which help bypass Central Bank restrictions. In total, since the mid-1990s, a historical $217bn flowed out of Russia in 2022, with the Central Bank forecasting $68bn this year.
119 RUSSIA Country Report March 2023 www.intellinews.com