"What looks and feels like a real paper money, but doesn't work?" Well, obviously, that is Russian paper money.
Russian Central Bank officially introduced the updated 100 rouble bill today. The bill shows a Soviet Soldier Memorial as its main image and bill is supposed to replace the previous 100 rouble bill currently in circulation.
But there's a small problem with all that: you can't withdraw the new bill from ATMs and you can't pay with it in stores.
And why is that? Because ever since Russia launched its attack against Ukraine, Western companies have refused to deliver any technology to Russia. And it just happens to be that 60 percent of all Russian ATMs are made by Western companies and whopping 100 percent of all the cash registers in the country are made by Western companies.
Thus, in order to get the new bill into circulation, the ATMs and cash registers need to be updated in order to recognize the new bill. And Western manufacturers simply wont do that due the sanctions against Russia. Even banks refuse to take the bill, as they don't have updated hardware to detect fake bills from authentic ones.
So, new paper money theoretically exists, but it can't be used.
The fact was actually officially announced by Russian Central Bank itself in its recent press release (link in Russian).
But there's a small problem with all that: you can't withdraw the new bill from ATMs and you can't pay with it in stores.
And why is that? Because ever since Russia launched its attack against Ukraine, Western companies have refused to deliver any technology to Russia. And it just happens to be that 60 percent of all Russian ATMs are made by Western companies and whopping 100 percent of all the cash registers in the country are made by Western companies.
Thus, in order to get the new bill into circulation, the ATMs and cash registers need to be updated in order to recognize the new bill. And Western manufacturers simply wont do that due the sanctions against Russia. Even banks refuse to take the bill, as they don't have updated hardware to detect fake bills from authentic ones.
So, new paper money theoretically exists, but it can't be used.
The fact was actually officially announced by Russian Central Bank itself in its recent press release (link in Russian).
