Russia to Implement Strict Limits on Cash and Gold Exports to Combat Shadow Economy

New Export Restrictions Announced

The Russian Federation is set to introduce stringent limits on the export of cash rubles and gold, a measure aimed at significantly curbing the nation's shadow economy. Deputy Prime Minister Alexander Novak announced the plans on Monday, December 8, 2025, stating that these restrictions are part of a broader initiative to 'clean up' the economy, a directive issued by President Vladimir Putin.

Specific Limits on Gold and Cash

Under the proposed regulations, the uncontrolled export of cash rubles of unknown origin will be prohibited. For individuals, a specific limit will be imposed on gold exports: they will be permitted to take no more than 100 grams of gold out of the country. This restriction specifically applies to gold bars, with different rules expected for jewelry. Deputy Finance Minister Alexei Moiseev previously indicated in September that a draft decree for these gold limits was in its final stages of approval and anticipated for submission to the government within weeks, with implementation expected this year.

Combating Capital Flight and Illicit Transactions

The primary motivation behind these new controls is to combat capital flight and prevent the use of gold and cash in illicit financial activities. Officials have noted that gold has increasingly become a substitute for foreign currency in illegal transactions, facilitating money laundering and capital outflows, particularly under existing sanctions pressure. Reports indicate that Russians exported an estimated 20-25 tons of gold bars abroad in 2022-23 following the introduction of wartime currency controls. The Central Bank of Russia has also recorded a significant increase in shadow capital outflows, reaching $14.7 billion this year alone.

Broader Strategy Against the Shadow Economy

These export limits are part of a comprehensive package of measures designed to reduce the shadow economy's share by 1.5% of GDP over the next three years, with an ambitious goal of generating an additional 1 trillion rubles ($13.1 billion) in tax revenues. Beyond cash and gold exports, the government's strategy includes several other initiatives targeting various sectors:

• Stricter controls on the import of goods
• Regulation of cash-register-free retail
• Monitoring of self-employed workers
• Oversight of cryptocurrency transactions
• Measures against illegal lending
• Enhanced controls in the alcohol and tobacco markets

Finance Minister Anton Siluanov also highlighted the government's focus on increasing transparency in financial transactions and cracking down on undeclared cash dealings and non-contributing taxpayers. President Putin emphasized that tightening enforcement is a priority for both federal and regional authorities, especially with the recent VAT increase, to ensure all revenues flow into the budget.