Russia’s tax hikes were meant to shore up the federal budget. They may be pushing the economy underground.

Russia’s central bank disputes these figures: according to the regulator’s own data, the share of cashless payments in retail turnover grew by 0.9 percentage points in the first quarter of 2026, reaching a record 88.9 percent. The share of cash withdrawal transactions fell 4 percent in both number and total volume.

Original source: Meduza