Cash withdrawals surge in Russia amid internet shutdowns and payment disruptions
By
Javier G. Cuesta
Hand-rolled, kettle-boiled, baked to perfection. Worth every minute at the bakery.
Summary
Russians are making massive cash withdrawals from ATMs amid internet shutdowns and payment system disruptions ordered by authorities for alleged security reasons. The Bank of Russia has significantly revised its liquidity needs projections through 2026 due to the scale of withdrawals. The cash hoarding is also driven by new taxes to fund the war in Ukraine, with record withdrawal amounts seen over the past three months.
Key quotes
· 3 pulledRussians, accustomed to living with constant unpredictability, have been stashing rubles for months in the drawers of their homes.
Cash withdrawals have been so massive since the start of the year that the Bank of Russia has carried out a substantial upward revision of the financial system's liquidity needs through the end of 2026.
Internet shutdowns — and, by extension, disruptions to payment systems — ordered by the authorities for alleged 'security reasons' have driven Russians to withdraw money from ATMs.
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