As of September 2026, 38% of the Russian population, or approximately 55.48 million people, prefer physical cash for storing savings. This figure represents a 6 percentage point increase compared to September 2025, when the share was 32%.
The volume of cash in circulation grew by 3.3 ₽ trillion between February and September 2026. The Central Bank of Russia projects a total increase of 3.7 ₽ trillion for the year 2026, with a further rise of 2 ₽ trillion expected in 2027.
Analysts attribute the shift toward cash to concerns over potential bank account blocks, limited internet access, and declining deposit yields. The Central Bank lowered the key interest rate from 18% to 14% between September 2025 and September 2026.
Financial institutions are responding by reducing ATM networks and closing physical branches. Meanwhile, the government has implemented new restrictions; as of September 29, 2026, individuals are prohibited from exporting more than 1 ₽ million to EAEU countries, Azerbaijan, Tajikistan, and Uzbekistan.
