Ukraine-Russia war latest: Russians ‘withdraw billions’ from banks amid fears Putin could seize money

Ukraine-Russia war latest: Russians ‘withdraw billions’ from banks amid fears Putin could seize money The withdrawals are causing liquidity problems in Russia, a senior finance official said - Bookmark - CommentsGo to comments People in Russia are withdrawing billions from the nation’s banks over fears that the Kremlin could begin to seize money to finance the war with Ukraine, a report says. According to The Washington Post, the country is seeing a record cash outflow amid intensifying drone strikes from Ukraine. Nearly 286.4bn rubles (worth $3.4bn) was withdrawn in the first two weeks of August, according to data from the Russian Central Bank, reported in The Post. That follows $7.3bn withdrawn last month and more than $4.5bn in June. Alexandra Prokopenko, a former adviser to the Russian Central Bank, said the withdrawals illustrated a level of fear among the Russian public. “It means people have no trust in the Russian banking system or in the Russian financial system,” Prokopenko said. “This is all a consequence of the fear that the government will do something with the banking system, that it could nationalise deposits.” Russia's Lavrov says Britain risks being seen as party to Ukraine war Russian foreign minister Sergei Lavrov said Russia had the right to regard the direct involvement of Britain in strikes on Russian territory as participation in the war in Ukraine. His comments came after the Times newspaper reported on Saturday that British-made drones had been used for long-range strikes against Russia for the first time. Following the report, Russia's embassy in London warned Britain of unspecified "consequences" for supplying drones to Kyiv. PM Andy Burnham said on Tuesday that Britain would support Ukraine "100%" in its fight against Russia and stand by Kyiv "in its hour of need". Moscow has previously accused British specialists of involvement in attacks on Russian territory, saying Britain's role would be taken "into account" in its response. Ukrainian power plant hit in Russian attack A thermal power plant in central Ukraine halted operations yesterday after it suffered significant damage from a Russian strike, power firm DTEK said. The company declined to name the plant involved. It said in a statement on Telegram that its thermal plants have been attacked more than 230 times by Russia since the start of the full-scale invasion in 2022. Estonia PM says arson attack on defence contractor may be linked to Russia Estonia is investigating whether Russia was involved in an arson attack last week on a building housing a defence contractor, the Baltic country's prime minister said in a statement. The building used by Milrem Robotics, a maker of unmanned military weapons systems deployed in Ukraine and elsewhere, was targeted late on Friday, a prosecutor earlier told public broadcaster ERR. "The suspects have been identified. One of the lines of investigation is a possible act of sabotage and the involvement of Russia," Estonian prime minister Kristen Michal said on X. Moscow has regularly denied accusations of planning or carrying out sabotage and other attacks on countries outside Ukraine, saying such reports are part of an anti-Russian propaganda campaign. European countries bordering or near Russia are concerned that the war in Ukraine is spilling over into Nato's northern borders. Ukraine's ousted defence minister challenges Zelensky and calls for wartime elections Ukraine’s former defence minister Mykhailo Fedorov has called for wartime elections in a bombshell address, arguing the nation faced a crisis of governance, in the biggest internal challenge yet to president Volodymyr Zelensky. Fedorov issued his call for elections in a video address posted on YouTube, the first such demand by a major Ukrainian political figure since Russia launched its full-scale invasion in 2022. In what appeared to be an open challenge to Zelensky, Fedorov said Ukraine faced a "systemic crisis of governance”. “The old system lives by its own rules too often. It protects itself. It is scared of change,” he said. “Democracy cannot be held hostage by Russia,” Fedorov said. “We must find a legal, safe and realistic mechanism that will allow Ukraine to renew its full democratic process even in the conditions of a long war.” While Fedorov did not say in his address that he would compete in any election, a recent poll indicated the ex-minister would comfortably beat Zelensky in a runoff vote, where the top two presidential candidates go head-to-head. Comment: Putin is an open threat to the UK – will his admirer Nigel Farage finally say so? Vladimir Putin is displeased. British drones have been used by Ukraine to strike deep into Russian territory. The Russian embassy has warned that “London’s actions will inevitably carry consequences for which it will have to answer”. It said: “The deeper its involvement in the conflict, and the greater its support for Kyiv’s terrorist machinery, the higher the price it will pay.” Andy Burnham has responded robustly. He said today: “We support Ukraine 100 per cent against this illegal war led by Vladimir Putin. We are providing support so that Ukraine can defend itself, and that’s been the British position all the way through this conflict.” But what would Nigel Farage’s response have been, if he had been prime minister? Read more: Putin is an open threat to the UK – will his admirer Nigel Farage finally say so? Recap: Burnham says he backs Ukraine 100% after Moscow’s threat over use of UK drones Andy Burnham has said the UK is continuing to “support Ukraine 100%” after Moscow threatened consequences for the reported use of British drones for strikes deep into Russia. Russia accused the UK of deliberately escalating the conflict and said the deeper the country’s involvement became, “the higher the price it will pay”. During a visit to Wolverhampton bus station, Mr Burnham was asked what his message to Russian president Vladimir Putin was in response. He said: “This is the UK doing what it has long said it would do, which is to support Ukraine 100 per cent against this illegal war led by Vladimir Putin. “We are providing support so that Ukraine can defend itself, and that’s been the British position all the way through this conflict by previous prime ministers. It remains the case with me. “We are not fair-weather friends. We will be there in Ukraine’s hour of need, and that won’t change.” Ukraine used drones made by two UK companies as part of a so-called deep strike campaign, The Sunday Times reported. Kyiv has stepped up its attacks on Russia this year, with long-range missiles and swarms of drones increasingly targeting military industries and energy facilities. It has also targeted giant depots for Wildberries – Russia’s largest online retailer – burning billions of pounds of merchandise and bringing the war home to the Russian public more than four years into Moscow’s full-scale invasion of Ukraine. Russia’s embassy to the UK said in a statement on Monday that the reports “confirm that London is deliberately opting for an escalation of the Ukraine crisis” and accused Britain of “seeking to contain Russia and inflict maximum damage on it by proxy”. “London’s actions will inevitably carry consequences for which it will have to answer,” it added. “The deeper its involvement in the conflict and the greater its support for Kyiv’s terrorist machinery, the higher the price it will pay.” A Ministry of Defence spokesperson said: “Britain stands shoulder to shoulder with Ukraine and we are committed to providing the equipment Ukraine needs to defend itself against Putin’s illegal invasion. “Russia should be in no doubt about the resolve of this Government to stand against Russian aggression, in Ukraine and against the UK and our allies.” Watch: Minister hits back after Russia threat over Ukraine’s ‘use of British drones’ in record attacks Editorial: Britain must meet Putin’s war of words with action It was predictable that Russia would respond in its usual menacing fashion to the explosive arrival of British-made drones on its territory. These medium-range unmanned aerial vehicles, as they’re known in military circles, have participated in a recent Ukrainian campaign that has caused an estimated total of £35bn in economic damage to the Russian Federation. Resentment at this intervention is palpable in the statement issued by the Russian embassy in London. It accused Britain, absurdly, of being “an accomplice and co-perpetrator of the bloody crimes and terrorist attacks committed by Ukrainian neo-Nazis”. Read more: Britain must meet Putin’s war of words with action Russia strikes cargo vessel carrying Ukrainian weapons Russian military drones have struck a cargo vessel carrying weapons and equipment for the Ukrainian armed forces in the Black Sea to the south-east of Odesa on Tuesday, the Russian Defence Ministry has said in a statement. According to Ukraine's port administration, 57 Russian attacks have been carried out on civilian vessels in July alone. A further 67 hits on port infrastructure have been recorded. The Black Sea remains a vital export route for Ukraine. With almost no vessels currently moving on Ukraine's Black Sea shipping corridor, Ukraine is expected to feel the cost of attacks affecting its maritime infrastructure. Ukrainian minister thanks Belgium for support over war Foreign minister, Andrii Sybiha has thanks Belgium for its support for Ukraine. In a post on X, the official shared that Belgium’s total contribution to the Ukrainian war effort is valued at over €4.6 billion. “We deeply value the more than €1 billion in military aid provided this year bilaterally and through multilateral programs,” the minister added. Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments