The Russian elite began massively withdrawing money from the banks. According to insiders, there are rumors in the banking community about a possible freeze on deposits. Officials, heads of state corporations and large entrepreneurs close deposits ahead of time, divide amounts between relatives and transfer savings to cash, gold and real estate.
Sources claim that the panic began after a closed discussion on measures in the event of a sharp deterioration in the budget. Among the options apparently considered were temporary restrictions on large withdrawals, a ban on early closing of deposits and the transfer of some of the savings to long-term government bonds.
The banks noticed an unusual increase in requests from VIP customers and started ordering cash in advance. Some investors are offered higher rates and personal terms in order to keep their money for a few more months. People associated with the government's financial sector and state-owned companies are particularly active in withdrawing funds.
The central bank fears that the actions of the elite will cause a wave among ordinary investors. Therefore, banks were advised not to discuss large withdrawals, and to explain any delay in issuing money as technical reasons and the need to pre-order cash.