Russian households increase cash holdings as internet outages disrupt digital payments (english.elpais.com)

• Third consecutive month of record cash withdrawals; May withdrawals five times higher than last year
• Internet shutdowns as primary cause: bank apps, ATMs, card readers disabled
• Bank of Russia raises cash circulation forecast and liquidity needs; structural deficit widens
• New bill gives tax authority access to card transfers above 2.4 million rubles annually

"Russians are withdrawing record amounts of cash since March 2026 due to state-ordered internet shutdowns that disrupt online payments and ATMs. Between May 1-11, 210.5 billion rubles ($2.9 billion) were withdrawn, five times more than the same period last year. The Bank of Russia raised its liquidity forecast and now expects cash in circulation to grow by 1.5–2.1 trillion rubles. A new draft law tightens controls on cash payments to businesses, aiming to boost tax revenue for the war against Ukraine."