US deposits from Russia hit record $43.5bn after Ukraine invasion

Rush to stash cash followed walling-off of Russian financial system by sanctions

Russian deposits at US banks hit a record $43.5 billion two months after war broke out in Ukraine, despite tighter scrutiny and the prospect of asset freezing as Washington officials enforced retaliatory sanctions against Moscow.

After temporarily falling by more than a fourth in February, deposits by Russia’s official institutions – including the central bank, the ministry of finance, several national wealth funds and various governmental agencies – and other financial firms rose 92% in March

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