Russia cash circulation jumps as internet outages disrupt digital payments
Updated
Updated · Bloomberg · May 5
Russia cash circulation jumps as internet outages disrupt digital payments
8 articles · Updated · Bloomberg · May 5
Cash in circulation rose by 600 billion roubles, about $8bn, in April, the biggest monthly increase since September 2022, based on Bank of Russia data.
Frequent mobile internet blackouts have made digital payments less reliable, prompting greater cash use across Russia.
The Kremlin says the outages are intended to counter the threat of Ukrainian drone attacks, reversing momentum behind Russia's digital economy.
Is Russia’s surge in cash a defense against drones, or a silent bank run amid a collapsing economy?
As Russia builds its digital fortress, why are its citizens fleeing to the oldest form of money?