Russia has 2.5 trillion rubles more cash in circulation than at the start of the year. The central bank wants lenders scrutinizing where it comes from.
The Bank of Russia will issue new recommendations asking banks to look more closely at where their clients’ cash comes from, said Bogdan Shablya, head of the central bank’s Financial Monitoring and Foreign Exchange Control Service.
Shablya said the recommendations would cover organizations and individuals. The central bank has “never opposed cash itself,” he said, but opposes “only the circulation of cash whose origin is unknown, which is why we provide banks with guidance and recommendations.”
Shablya said the recommendations would revise the typologies of suspicious transactions.
“The recommendations will cover everyone. Everything will be in there: individuals, organizations, deposits into accounts, and steps to take during currency conversions. So it will be comprehensive. We plan to publish the document soon,” he said.
The official said cash of “unknown origin” comes from “wholesale and retail markets” — primarily “illegal cryptocurrency exchanges in Moscow.”
Russia has seen a steady shift toward cash since March 2026, according to RBC. Central bank figures show that cash in circulation has increased by 2.5 trillion rubles since the start of the year. The move away from banks and toward cash is linked to businesses’ demand for cash, partly as they adapt to tax changes in 2026.
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