Overview
- Taras Skvortsov, finance chief at Sberbank, said shoppers and retailers are shifting back to cash, calling it a "return to cash" in Russia’s retail sector.
- He linked the change to the start‑of‑year value‑added tax increase to 22 percent and the scrapping of some perks for cashless payments, saying it pushes more sales off the books.
- He warned that greater cash use expands the shadow economy and reduces tax receipts the state relies on.
- Sberbank also expects the ruble to weaken in the second half of 2026, signaling pressure on the currency as fiscal strains persist.
- Even with March oil exports and revenues up, outside analysts say the gains do not fix deeper economic and defense‑industry weaknesses, and Ukraine claims strikes on oil sites such as Ust‑Luga and Primorsk have already cut billions from Russia’s income.