Russians Have Sharply Increased Capital Outflows Abroad
- 6.11.2026, 20:41
In one month, Russian citizens transferred nearly $1 billion to brokerage accounts.
During the election period, Russians sharply increased their capital outflows abroad. In September, according to preliminary estimates by the Central Bank of the Russian Federation, they transferred a record 80 billion rubles—the highest amount on record—to accounts held by non-resident brokers, or approximately $940 million based on the average monthly dollar exchange rate. The previous record was set in May 2025 at 52.3 billion rubles, reports The Moscow Times.
People began using brokers more actively for transfers after Western banks tightened restrictions on Russian funds. Since the beginning of 2025, Russians have transferred 695 billion rubles to foreign brokers.
Approximately 30% of this money consists of so-called “parking solutions,” where a brokerage account is used as an alternative to a foreign currency bank account, according to Dmitry Isakov, founder of the investment platform Lender Invest. Another 10% or so consists of “capital relocation” in case of moving abroad—in which case the brokerage account serves as the first link in a chain of subsequent transfers.
Rubles can be transferred to brokers in EAEU countries, such as Kazakhstan or Armenia, and then converted into foreign currency to build a portfolio. This portfolio can then be transferred to an account with a Western broker, which is much easier to open than a bank account. “In my experience, a custodial transfer of securities to a European broker from a friendly broker—whose account can be funded with rubles from Russia—passes compliance checks more easily than depositing funds originating from Russia into an EU bank,” wrote independent financial advisor Natalya Smirnova.
People use brokerage accounts not only to withdraw money but also to invest. The Russian stock market has been generating mostly losses during the war. According to the Central Bank’s calculations, the Moscow Exchange Index has posted losses since the beginning of this year, over the past 12 months, and since the start of 2022—even when dividends are factored in. Foreign securities also allow investors to diversify their portfolios. Before the war, Russian investors could buy foreign securities on the Moscow and St. Petersburg stock exchanges, but due to sanctions, these securities were frozen in the accounts of more than 1.5 million people. However, Russians’ interest in foreign assets has not waned; as early as 2023, the Central Bank warned of the risk of investors flowing into foreign markets.
However, despite the sanctions, people are still transferring money out using the traditional method—bank transfers. In September, according to the Central Bank’s estimates, they transferred 26.6 billion rubles more to their accounts in foreign banks than they brought back from abroad. For most of last year and early this year, Russians were bringing money back into the country, but in April the trend reversed: over the course of six months, the outflow totaled 133 billion rubles.