Alarming information was provided by the first vice-president of the management board of Sberbank, Alexander Viedyakhin, in an interview for Reuters.
“We see these trends and we see them increasing. There is a great demand for cash” – he said. According to data from the Russian Central Bank, the value of paper banknotes in circulation at the end of April reached a record level of 20 trillion rubles (PLN 990 billion at the current exchange rate).
In April alone, 600 billion rubles (PLN 29 billion) flowed out of the banking system. This is a record since the mobilization in 2022, if we ignore the traditional increases in demand for cash in December.
Since May 2025, when internet outages began in the regions, the banking system has lost 2.5 trillion rubles (PLN 123 billion) due to cash outflow.
According to Wiedjachin, Sberbank is noticing an increase in the number of advertisements offering discounts of up to 10% for cash payments, and this is due to people's anxiety about taxes.
“People are very worried”
“Even in everyday life, most people have encountered a simple request at the market or from trainers at the gym to pay in cash. It's such a disorderly market, everyone asks for cash. People are very worried about their transactions when, for example, in Sberbank they transfer money to another individual, and the latter is also afraid that it will be visible and that they will be asked to pay taxes because of it,” the banker explained.
According to him, without action by the state, the increase in demand for cash may continue. “It's probably possible to somehow motivate business entities to start returning to electronic payment channels,” Wiedjachin said.
The Russian central bank has already tightened measures from June 1 control over cash withdrawals from ATMs. From now on, banks will monitor the monthly cash withdrawal limit and suspicious operations, such as withdrawing a large amount after a long break or multiple operations in quick succession, may be stopped.
At the same time, the central bank instructed banks to strengthen control over cash deposit operations. In the case of people who deposit more than 5 million rubles (PLN 247,000) within 30 days or make 10 deposits worth at least PLN 100,000. rubles (PLN 4,000) each, credit institutions must ask about the source of the money. Cases in which money is then quickly transferred abroad (at least 70% of the proceeds within 10 days) should be particularly suspicious.
In Russia, there is an increase in the volume of cash operations, the purpose of which may be to legalize the proceeds of crime, the central bank wrote.
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One of many symptoms of the crisis in Russia
Moreover, Russian small and medium-sized enterprises are sinking deeper into crisis in the face of rising costs, tax burdens and falling demand. Over the last three months, over a quarter of companies have laid off employees, and every fifth is considering the possibility of closing their business.
The alarming data are the result of a study conducted by the Podpora Russia organization, based on a survey among over 6.5 thousand people. entrepreneurs from 88 regions of the country – writes “Forbes”.
92.9% of respondents reported that their company's situation had deteriorated. respondents. More than half (53.5%) were unable to do so compensate for the sharp increase in costs through price increases due to the falling purchasing power of Russians. In this situation, 26 percent small and medium-sized enterprises reduced employment, 30.4 percent switched to savings mode, 8.2 percent outsourced some functions, and 6.2 percent — closed its operations.
Some entrepreneurs admitted to using unclear accounting schemes (6.3%), refraining from issuing receipts (5%) or dividing their activities (3.6%) in order to reduce costs. This last solution is already considered by 21 percent. study participants, and 20 percent allows for the closure of companies. Another 16.2 percent plans to increase prices by over 20%.
I’m Ashley Davis as an editor, I’m committed to upholding the highest standards of integrity and accuracy in every piece we publish. My work is driven by curiosity, a passion for truth, and a belief that journalism plays a crucial role in shaping public discourse. I strive to tell stories that not only inform but also inspire action and conversation.
