Since The War Began, More Than $400 Billion Has Been Withdrawn From Russia
- 11.11.2026, 21:52
The outflow peaked in 2022.
Since the start of the war in Ukraine, $406 billion in private capital has been withdrawn from Russia. This estimate is cited in a study by Torbjörn Becker , director of the Stockholm Institute for Transition Economics (SITE) . The outflow peaked in 2022, when $219 billion left Russia—a record amount in the history of such observations. Following the invasion, Russians and foreigners began moving funds abroad, while Western companies rushed to exit the Russian market. Sanctions and currency restrictions did not halt this process. Since 2023, approximately $10 billion per quarter has continued to flow out of Russia through portfolio, credit, and other financial transactions, according to the study, as reported by The Moscow Times.
From mid-2008 through 2026, the cumulative net outflow of private capital from Russia reached $1.3 trillion. In a previous 2019 study, outflows from Russia over the decade following the global financial crisis were estimated at $700 billion. Since then, the total has nearly doubled, and the outflow shows no signs of stopping. For example, in the second quarter of 2026, the Central Bank recorded a record $12.2 billion under the “net errors and omissions” item of the balance of payments. This figure may conceal capital outflow transactions. At that time, the wealthiest businessmen—including those close to Vladimir Putin—were actively moving money out of Russia, Bloomberg sources reported in July.
The location of most of the funds withdrawn from Russia remains a mystery. The difference between total capital outflows and Russian assets in international statistics amounts to about $1 trillion. Some of the money may be held in countries and offshore chains that do not disclose financial information. Tracking the movement of Russian funds has become even more difficult, as the Central Bank stopped disclosing the geographic breakdown of foreign investments in 2022, Becker notes.
Russian funds have also begun to leave Western banks amid the imposition of sanctions. In Western banks that report to the Bank for International Settlements, the volume of Russian funds—excluding Belgium—declined from $116 billion to $71 billion. In the U.S., bank account balances fell from $44 billion to $7 billion, according to Becker’s report.
Russian capital has not disappeared from Europe, the expert emphasizes. Significant amounts remain invested in companies and securities, Becker writes. Cyprus remains one of the main destinations, where the volume of direct Russian investment in 2024 amounted to $89 billion. According to the author of the study, companies and individuals linked to the Kremlin may be behind some of these foreign assets. Even if Vladimir Putin and his inner circle are not listed in the ownership registries, they may be using these assets to finance the war and hybrid operations, Becker believes.
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