Russia Can Seize Cash Under Putin’s New Border Export Rules

On September 29, Russian leader Vladimir Putin signed a decree tightening cash-ruble export rules and cutting the individual limit to about $11,850, more than eight times below the previous threshold.

This was reported by The Moscow Times on the same day.

According to the outlet, individuals may not take out more than the equivalent of about $11,850 in cash rubles to the Eurasian Economic Union (EAEU) states of Armenia, Belarus, Kazakhstan, and Kyrgyzstan, or to Azerbaijan, Tajikistan, and Uzbekistan.

For legal entities and individual entrepreneurs, the report noted, the ban applies regardless of the amount.

The Moscow Times explained that individuals caught violating the rule will forfeit the excess, while legal entities and entrepreneurs will lose all the cash they carry.

Citizens leaving through government-designated international airports are exempt if bank statements prove they withdrew the full sum, the outlet added. Legal entities engaged in international transport or supporting Russian diplomatic missions are also exempt.

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The decree took effect on the day of signing, the report indicated.

Putin first restricted cash-ruble exports this spring. As of April 1, Russians could carry up to $100,000 in ruble equivalents in EAEU countries, according to the report.

The measure follows a December plan by Deputy Prime Minister Alexander Novak to curb the shadow economy, which the government expects to shrink by 1.5% of GDP over three years, the outlet wrote.

Meanwhile, EAEU states have tightened conditions for depositing cash rubles since June, The Moscow Times described. At least eight Belarusian banks introduced commissions of 2–5%, while some Armenian banks stopped handling cash rubles entirely, the outlet reported.

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Earlier, in August, 37% of surveyed Russians named cash as the best way to store savings, the highest share since October 2022, while 36% chose bank accounts or deposits, the lowest since December 2022.

It was the first time since then that paper currency outranked bank deposits. Between February and July, citizens withdrew nearly $32.5 billion from banks, pushing the amount of cash in circulation past $268.75 billion.

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