Zyuganov Proposed Confiscating 30 Trillion In Russian Citizens' Savings To Pay For The War In Ukraine

Is it starting?

Gennady Zyuganov , leader of the Communist Party of the Russian Federation (CPRF), proposed at the party’s pre-election convention that funds held by citizens and businesses in banks be confiscated to address budgetary and economic problems.

“Today, 67 trillion of your money is sitting in banks. That’s 67 trillion from citizens and 63 trillion from businesses. That’s a total of 130 trillion. That’s three times the size of the state budget. It’s just sitting there, making the bankers richer,” — Vedomosti and RTVI quote Zyuganov as saying.

According to the Communist leader, about 30 trillion rubles can be “immediately identified.” “They aren’t being invested in production, or anywhere else—not even in the war effort. This problem can easily be solved quickly. And if I were in the president’s shoes, I would resolve it with a single decree; under wartime conditions, he has the right to do so—he is the supreme commander-in-chief,” Zyuganov added.

The head of the State Duma Committee on the Financial Market Anatoly Aksakov called Zyuganov’s statements a “provocation” which, he said, was orchestrated from Ukraine or the West. “Making such statements just like that is so irresponsible. <�…> Someone is deliberately using Zyuganov,” the lawmaker told RTVI.

According to Aksakov, seizing Russians’ deposits “simply makes no sense.” “Money held in deposits and so on is a resource for lending to the economy and for conducting financial transactions. And if you freeze it or take it away, that means depriving the economy of money, which is in no one’s interest—neither the government’s nor the business community’s. That’s why this is nonsense,” Aksakov added.

Discussions about a possible freeze on people’s savings in banks were sparked last November by Andrey Zubets—director of the Institute for Socio-Economic Research at the Financial University under the Government of the Russian Federation. He claimed that the authorities might take such a step due to the threat of “runaway inflation” if citizens began spending the funds they had accumulated in deposits.

“People have accumulated enormous amounts of money in their accounts—tens of trillions of rubles. And a decision has been made to lower the interest rate. It’s clear that people will simply go and withdraw this money and bring it into the market. After that, runaway inflation will begin in the market,” Zubets claimed.

Central Bank Governor Elvira Nabiullina called these claims “nonsense.” “Banks cover their costs with interest on loans; they are profitable and stable,” she assured. Last year, Aksakov said that rumors about an alleged freeze on deposits were being spread by construction companies, which were trying to boost real estate sales in this way.

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