Massive bank card blocks and regular mobile internet outages have triggered a record shift toward cash transactions. In January 2026, Russian bank clients withdrew more than 1.6 trillion rubles from their accounts, the highest figure since March 2022. Meanwhile, less than a third of this amount—only 468 billion rubles—returned to time deposits, according to Bank of Russia data analyzed by RBC.
The total net outflow of liquidity from the banking system amounted to approximately 1.1 trillion rubles. Experts, including Alexander Abramov from RANEPA, note that such distrust in digital payments and the return to paper banknotes have not been observed in Russia since the mid-2000s.
Risks to the stability of the financial system
Ongoing problems with the internet and connectivity could further drive public demand for cash. According to the forecast by Evgeny Goryunov of the Gaidar Institute, the current dynamics pose a direct threat to the stability of the banking sector. If the withdrawal of funds becomes a long-term trend, banks will face an acute liquidity shortage.
The situation is exacerbated by the fact that the digitalization of the economy, a key focus for decades, has proven vulnerable to technical failures and infrastructural limitations. Citizens prefer to keep savings “under the mattress,” fearing a total loss of access to their assets amid unstable payment service operations.
Analytical summary: The mass exodus into cash totaling 1.1 trillion rubles signals a systemic crisis of confidence in the state’s digital infrastructure. In 2026, this will lead to the growth of the shadow economy and limit banks’ lending capacities, forcing the regulator to introduce new restrictive measures to retain capital within the system.