Putin says Russia’s economy is completely stable

Vladimir Putin has dismissed rumors that Russian residents’ bank deposits could be frozen, calling them “quite foolish” and saying the banking system remained stable even during public anxiety in 2022.

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These are simply some rumors, and quite foolish ones at that.

Putin said many depositors went to banks to withdraw cash during that period, but banks paid out everything customers requested. The situation quickly ended, he said, and the money returned to the banking system. He attributed the increase in deposits to high interest rates, arguing that people were bringing money to banks for that reason. If rates declined, he said, the situation would change for households and businesses.

“Most importantly, and I want to emphasize this, as I have already said, the Russian economy is operating completely steadily and is in a completely stable condition,” Putin said, despite acknowledging economic difficulties.

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Even in 2022, when people became anxious because of the well-known events and many depositors went to banks to withdraw their money, our banks calmly and routinely paid out everything people requested.

Rumors about a possible deposit freeze emerged in November 2024 after Andrei Zubets, director of the Institute for Socioeconomic Research at the government-run Financial University, said authorities might consider such a measure if inflation became extreme. He warned that lowering interest rates could prompt people to withdraw tens of trillions of rubles and put the money into the market.

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Most importantly, and I want to emphasize this, as I have already said, the Russian economy is operating completely steadily and is in a completely stable condition.

In summer 2026, Communist Party leader Gennady Zyuganov proposed confiscating funds held by individuals and businesses in banks to address budget and economic problems. He said individuals held 67 trillion rubles and companies held 63 trillion, for a combined 130 trillion rubles. Zyuganov argued that around 30 trillion rubles could be found immediately and said he would resolve the matter by decree if he were president, citing wartime powers.

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Today, 67 trillion rubles of your money is held in banks. Another 63 trillion rubles belongs to companies. In total, that is 130 trillion rubles. It is equivalent to three state budgets.