Russians, accustomed to living with constant unpredictability, have been stashing rubles for months in the drawers of their homes. Cash withdrawals have been so massive since the start of the year that the Bank of Russia has carried out a substantial upward revision of the financial system’s liquidity needs through the end of 2026. Internet shutdowns — and, by extension, disruptions to payment systems — ordered by the authorities for alleged “security reasons” have driven Russians to withdraw money from ATMs. Added to this, in a bid to raise revenue to fund the war against Ukraine, is a new bill that would tighten controls on cash payments to businesses.

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