Russia Restricts Cash, Gold Exports to Fight Shadow Economy
One decree prohibits carrying ruble cash across Russia’s borders to the Eurasian Economic Union (EAEU) in amounts exceeding the equivalent of $100,000 at the Bank of Russia’s exchange rate, effective April 1, with certain exceptions. Another decree bans the export of gold bars weighing over 100 grams from May 1, excluding commercial banks and allowing some exceptions. Both measures were published on the government portal.
Despite efforts to digitize transactions, cash demand in Russia has risen sharply. Reports indicate a net cash outflow of approximately $13.2 billion from the banking system in January 2026 alone, driven largely by businesses shifting to the shadow economy to avoid rising value-added tax (VAT) and other levies.
Russian Deputy Finance Minister Alexei Moiseev noted that gold has increasingly been used as a substitute for foreign currency in illicit transactions, contributing to capital flight and money-laundering.
The decree on gold states: "Effective May 1, 2026, a ban is established on the export from the Russian Federation by individuals, legal entities and individual entrepreneurs of refined gold in bars with a total weight exceeding 100 grams."
Exceptions for cash exports apply only at designated international airports, provided exporters can present bank statements or other documentation confirming the withdrawal of funds from accounts as stipulated by the government.
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