Financial Panic: Russians flock to physical gold, abandoning banks

Russian consumers shifted toward physical gold as a defensive asset in 2026, driving a surge in demand within the jewelry retail sector. Retailers report a threefold increase in orders for gold bars, as buyers move away from banking institutions in favor of retail outlets. The trend is most visible in the first seven months of 2026. The jewelry chain Sunlight recorded a three-fold rise in gold bar orders during this period. Additionally, "UVI Gold" noted an increase in transaction volume, with the average check growing 2.4 times, indicating a shift from small gram-sized bars to larger acquisitions. Ilya Kravtsov, financial consultant: "We are observing a transformation in consumer behavior: people seek to preserve capital in tangible assets as the popularity of cash in the country grows and trust in complex financial instruments declines."