Russia’s Central Bank: Russians withdrew 100 billion rubles ($1.1 billion) during Prigozhin’s rebellion

21:07, 11 July 2023

On June 23-25, during the Wagner Group rebellion led by Yevgeny Prigozhin, Russians withdrew 100 billion rubles (around $1.1 billion) from the banks, reports Russia’s Central Bank.

The Central Bank said that the heightened volume of cash withdrawals “has not led to monetary policy problems.” In their review of financial risks to the market, the bank noted that “the internal political events in Russia” on June 23-25 had a negligible impact on the ruble’s performance. While the analysis doesn’t specify exactly which events they were referring to, those were the same dates as the Wagner rebellion.

Andrey Belousov, Russia’s First Deputy Prime Minister, said that cash withdrawals rose by 70-80% in southern Russia, including in Rostov, Voronezh, and Lipetsk, during Prigozhin’s rebellion, and stabilized again by June 26.

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