Russians Turn to Cash, Putting More Strain on Slowing Wartime Economy
11 Articles
11 Articles
The Russians are increasingly using cash, due to the frequent interruptions of the mobile internet caused by security measures taken against Ukrainian drone attacks, but also because of the economic difficulties that are causing more and more companies to avoid paying taxes.
(Seoul = Yonhap News) Reporter Ko Il-hwan = Cash usage is surging in Russia, which has been at war with Ukraine for over four years, the British BBC reported on the 19th (local time)...
Russians are massively switching to cash due to the war, the shutdown of the Internet and the increase in taxesSince the beginning of the year, 1.56 trillion rubles in cash have been introduced into circulation. The reasons were the disconnection of the mobile Internet and the increase in taxes.
Russians are returning to cash as mobile internet outages make card payments difficult, and a growing number of businesses, feeling financial pressure after more than four years of war with Ukraine, are using it to avoid paying taxes, the British broadcaster BBC reports.
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