Russians Pull Record Cash From Banks as Fear of Kremlin Grows

Russians are withdrawing record amounts of cash from their banks, worried that the Kremlin may use their savings to fund the war in Ukraine, according to the Wall Street Journal. The rush to pull money out has raised concerns about the stability of Russia’s banking system. Torbjörn Becker, head of the Stockholm Institute of Transition Economics, says a loss of public trust in banks could trigger a financial crisis. “Those of us who follow Russia have been talking about this for a long time,” Becker said.