According to Frank RG, wealthy Russians who own at least $1 million in financial assets hold about 30% of their funds in Russian banks.

Compared to 2017, Russian banks this year saw a 15.1% increase in the accounts of their Russian clients, however only 5% of this growth was the result of a return of capital from abroad, despite government efforts, Frank RG reported.

Commenting on the report, Ernst & Young (EY) analyst Anton Ionov told the RBC news website that foreign sanctions on Russia have only increased capital outflow out of the country.

“The population sees that risks are increasing and therefore are withdrawing money from Russia into valuable papers and foreign currencies in case the situation worsens,” he was cited as saying.

Frank RG conducted the study in April–October 2018 based on data from 11 Russian banks and their private banking departments. In total, the study covered 27,000 people.