Russia’s Central Bank records highest-ever cash demand during May holidays amid internet outages
Russia’s central bank recorded its highest-ever demand for cash during the May holidays in 2026, the Russian business news outlet RBC reported on May 13.
Cash in circulation among Russians grew by 210.5 billion rubles over the holiday period from May 1 to 11 — the highest figure since the central bank began tracking the data in 2011, and five times the 41.2 billion ruble increase recorded during the same period in 2025.
The only comparable surge, RBC noted, came during the pandemic year of 2020, when the volume of cash in circulation over the May holidays grew by 133.5 billion rubles.
The spike was primarily driven by internet restrictions, according to Stanislav Murashov, chief economist at Raiffeisenbank. “Originally, as far as I remember, they promised to shut off the internet entirely starting May 5. I think that made an impression on people, and that was the main factor,” he said. He added that the May cash outflow was situational and seasonal in nature.
Mobile carriers and Sberbank warned residents of over 40 regions that internet outages were possible during the May holidays, from May 5 to 9. Sberbank also warned that ATMs could stop working as a result.
Cash demand rises almost every year in late April and early May, according to central bank data cited by RBC. After the holidays, cash typically flows back out of circulation — and by month’s end, the total increase may be smaller than what was recorded in the first ten days of May, or may have reversed entirely.
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