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Russians Move $2.35 Billion Back Home as Foreign Savings Dry Up, Data Show
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![Photo of Roman Kohanets]( "Photo of Roman Kohanets")
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Russian households continued to repatriate savings from foreign banks in August, with a net inflow to domestic accounts of about $730 million at the Central Bank’s August average rate—according to newly released monthly data. Since March, the cumulative net return has reached roughly $2.35 billion, according to the Central Bank of Russia information.
The Moscow Times, citing the Bank of Russia’s preliminary estimate, reported that August’s net inflow nearly matched March’s record of about $730 million, adding that the ruble’s appreciation since spring pushed the foreign-currency value of August transfers to the highest since the series began in 2018. As of September 1, Russian household deposits in nonresident banks stood at about $76.6 billion.
The Central Bank’s statistical portal confirms that its monthly “households: financial assets and liabilities by instrument” dataset was updated on October 9 with August 2025 figures, the basis for the reported net flows.
Officials and market commentators have tied the reversal in cross-border flows to shifting rate differentials, a stronger ruble earlier in the year, and selective risk-taking by foreign funds.
In April, Deputy Finance Minister Ivan Chebeskov described some of the returning capital as “so-called ‘cowboy money’ from hedge funds that, despite the sanctions regime, channel small amounts via friendly jurisdictions,” adding that volumes remained limited. “It’s visible in OFZ pricing and the ruble’s dynamics,” he said.
Earlier, it was reported that the Russian ruble weakened sharply on the Moscow Exchange as analysts cited reduced foreign-currency inflows from exports, lower oil prices, and ongoing sanctions pressure.
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