Russia withdrawing cash at record levels

Cash withdrawals in Russia have reached record highs. The trend is driven by both frequent internet outages and the state's intention to tighten control over money transfers.

Russians have begun withdrawing cash from bank accounts at record volumes. Experts cite frequent internet outages and the Russian government's plans to impose stricter controls on bank transfers as the primary reasons.

Internet outages are forcing people to turn to alternative payment methods, driving up demand for cash. Since digital payments rely heavily on functioning internet connections, Russians have begun relying more on physical money.

On the other hand, state pressure plays an important role. Russian authorities have announced plans to scrutinise bank transfers with increasing rigour, creating uncertainty among the population and prompting them to hold money in cash rather than in bank accounts. Such behaviour reflects broader distrust in the financial system and the state's economic policies.