Russians Withdraw 210.5 Billion Rubles as Internet Shutdowns and Cash Controls Spur Hoarding
Updated
Updated · EL PAÍS USA · May 31
Russians Withdraw 210.5 Billion Rubles as Internet Shutdowns and Cash Controls Spur Hoarding
1 articles · Updated · EL PAÍS USA · May 31
Summary
210.5 billion rubles left Russian ATMs between May 1 and 11, a record for the holiday period and five times last year’s 41.2 billion-ruble outflow.
Internet blackouts ordered for alleged security reasons disrupted bank apps, card readers and some ATMs, pushing households to keep cash on hand after outages spread from border regions to major cities this spring.
607.3 billion rubles were withdrawn in April and 300 billion in March, making this the third straight month of heavy cash hoarding; only September 2022, when Putin ordered partial mobilization, saw a bigger wartime surge.
The Bank of Russia has raised its 2026 liquidity-needs outlook after lifting its forecast for cash in circulation this year to 1.5 trillion-2.1 trillion rubles from 800 billion-1.3 trillion.
New tax increases, cash-payment discounts from businesses and a bill requiring justification for annual card receipts above 2.4 million rubles are reinforcing precautionary saving that economists say could weigh on growth.
As Russians hoard cash, is the Kremlin losing the financial control it needs to fund its war?
With internet blackouts and soaring taxes, is Russia's economy starting to collapse from within?
Russia’s 2.3 Trillion Ruble Cash Surge: How Digital Disruptions Sparked a Nationwide Financial Crisis in 2026
Overview
In May 2026, Russia faced an unprecedented surge in cash withdrawals, with 2.3 trillion rubles taken from ATMs and bank branches—a record-breaking figure that far surpassed previous highs. This sudden spike, nearly 53% higher than the month before, triggered an immediate crisis, causing widespread ATM shortages and disrupting daily life and commerce. The dramatic increase signals a profound shift in consumer behavior, as people lost trust in digital banking due to frequent internet blackouts and government controls. The crisis highlights how digital disruptions can quickly lead to tangible economic and social challenges across the country.