Many Russians are moving more money out of banks and into their personal accounts

The big takeoff continues. Since the beginning of 2026, Russian households and businesses have increased their cash holdings by about 2.1 trillion rubles (approximately 20.9 billion euros). It is the largest increase in cash holdings since the start of the war in Ukraine and even exceeds the mass withdrawals in 2023. So while the flow of money is increasingly shifting toward cash transactions, government revenue has also been declining recently due to lower oil and gas sales. Consequently, the Kremlin must cut costs—and banks are being urged to provide more low-interest loans directly to industry…