Russians shift to cash strain economy
Russians are increasingly turning to cash payments amid disruptions caused by mobile internet shutdowns and mounting economic pressures due to the war in Ukraine. Since the start of the year, cash in circulation has surged by the largest amount outside the COVID-19 pandemic, driven by fears of uncertainty and the need for financial security. This shift is complicating government efforts to collect taxes and is leading businesses to operate in the shadow economy to avoid higher taxes, further straining Russia’s slowing economy and budget.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)