Russian Lawmakers Propose Seizing Private Bank Accounts to Fund War Amid $83B Deficit

Russian politicians are proposing to forcefully seize money from private bank accounts to fund the war against Ukraine, according to The Washington Post on June 27.

The proposal arose when Gennady Zyuganov, leader of Russia’s Communist Party, spoke in parliament. He called for 130 trillion rubles ($1.6 trillion) held by citizens and businesses in bank accounts to be “mobilized” to address the country’s economic crisis and military budget.

Zyuganov argued the money is not currently serving the war effort and suggested the president could seize it through a single decree.

“That money isn’t being invested in production or anything else—not even in victory,” Zyuganov said. “This problem can be solved quickly. If I were the president, I’d do it with a single decree. In wartime, he has the right to do so—he is the supreme commander in chief.”

This statement caused concern within the Russian business community. Representatives noted that individuals are looking for ways to withdraw their funds and leave the country before potential account freezes, The Washington Post wrote. Additionally, the finance ministry is preparing legislation to allow state access to $40 billion in private pension savings.

“The government could try to take money by any means,” one Moscow business executive told The Washington Post. “Everyone is thinking about how to get their money out and leave.”

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According to The Washington Post report, these financial measures follow the damage to Russian infrastructure from Ukrainian drone strikes. Attacks have targeted fuel depots and ammunition factories, reducing Russian gasoline production by 25 percent in mid-June.

Consequently, Russia’s budget deficit reached 6 trillion rubles ($83 billion) by the end of May, while the sovereign wealth fund is nearly depleted. Though official statements downplay the crisis, leaked documents from oil executives describe the refinery damage as unprecedented, The Washington Post reported.

This financial strain follows Russian leader Vladimir Putin publicly acknowledging the country’s gasoline crisis for the first time. Putin recently admitted that Ukrainian strikes have caused fuel lines at gas stations and forced Russia to implement a temporary ban on gasoline and aviation fuel exports.

He also revealed that temporarily occupied Crimea has only a few days of fuel supplies left, confirming the severe regional shortages reported by Western intelligence.

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