Russians turn to cash putting more strain on slowing wartime economy
- The latest increase follows several earlier wartime surges in cash withdrawals as Russians have sought a buffer against uncertainty.
- Cash in circulation jumped after President Vladimir Putin announced a partial mobilisation in September 2022 and during a brief mutiny by the Wagner mercenary group in June 2023.
- Now, the shift is making it harder for the state to collect tax, just as it faces a widening budget deficit and needs every rouble it can raise to fund the war in Ukraine.
Unverified
- The latest increase follows several earlier wartime surges in cash withdrawals as Russians have sought a buffer against uncertainty.
- Cash in circulation jumped after President Vladimir Putin announced a partial mobilisation in September 2022 and during a brief mutiny by the Wagner mercenary group in June 2023.
- Now, the shift is making it harder for the state to collect tax, just as it faces a widening budget deficit and needs every rouble it can raise to fund the war in Ukraine.
Sources: BBC News