The clearest sign yet that Russians are losing faith in Putin’s war

More than four years into Russia’s full-scale invasion of Ukraine, Russians are turning to cash as the real impact of the war becomes more apparent back home. As Ukrainian drones hit major oil refineries and queues outside petrol stations grow, Russia’s central bank has added the equivalent of £14.8bn in cash into circulation. That figure, since the start of 2026, is the biggest increase for that period in any year, outside the Covid-19 pandemic, according to the central bank’s figures. It also points to a worrying situation for Vladimir Putin, who has tried to shield the country’s population from the impacts of his war. Shorts Ukraine has ramped up its drone attacks on targets on Russian soil, causing authorities to regularly suspend mobile internet services in order to disrupt drone navi