Russia has pumped 1.56 trillion roubles ($20 billion) in additional cash into circulation since the beginning of 2026, marking the steepest increase for the period outside the pandemic years.
The surge comes as mobile internet shutdowns across large areas of the country, triggered by Ukrainian drone attacks, have disrupted card payments. Pharmacies, restaurants, beauty salons and corner shops are increasingly steering customers toward cash, while nearly 6% of entrepreneurs have turned to grey-market schemes, according to a May 2026 survey.
The cash buildup echoes previous spikes seen after Vladimir Putin's partial mobilisation in September 2022 and during the Wagner Group mutiny in June 2023. The trend adds pressure to an economy already under strain: the economy ministry cut its 2026 GDP growth forecast to just 0.4% in May, following a VAT increase from 20% to 22% in January.