Russia is suffering from a slow-motion bank run as the Kremlin scavenges for war funding—and it may start seizing recruits for the military too

A financial crisis that has long been predicted by Russia experts and Kremlin insiders appears to have finally arrived as banks see depositors scramble to pull out their money amid fears it may be seized.

In the first half of August, Russians withdrew $3.4 billion (286.4 billion rubles), according to central bank data cited by the Washington Post. That’s after $7.3 billion was withdrawn in July and $4.5 billion in June.

“Drones are flying. Things are burning down. Nervousness is growing. And people’s everyday wisdom may be kicking in that they need to have cash under their pillow and not somewhere in banks where it may never be returned,” a former finance official told the Post, adding that banks have much of their capital tied in loans elsewhere.