Russia is planning to impose new limits on the export of cash rubles and gold as part of a wider effort to curb the shadow economy, Deputy Prime Minister Alexander Novak stated on Monday.
He explained that the measures are part of a strategy to ‘clean up’ the economy, a directive that President Vladimir Putin has instructed the government to speed up.
“The uncontrolled export of cash rubles of unknown origin, including to Eurasian Economic Union member states, will be prohibited, as will the export of gold bars from Russia,” Novak said.
According to a proposal from the Finance Ministry, people would be limited to carrying a maximum of 100 grams of gold out of the country.
Deputy Finance Minister Alexei Moiseev stated in September that gold is increasingly being used as an alternative to foreign currency in illegal transactions, aiding capital flight and money laundering.
Russians moved an estimated 20–25 tons of gold bars abroad during 2022–23, exploiting loopholes created by wartime currency controls, according to Mikhail Dyagilev, CEO of metals producer Krastsvetmet.
Novak said the government’s broader plan seeks to shrink the shadow economy by 1.5% of GDP over the next three years and boost tax revenues by an additional 1 trillion rubles ($13.1 billion).
Besides restrictions on exporting rubles and gold, the initiative also comprises eight additional measures.
These focus on regulating imports, unregistered retail activity, self-employed workers, cryptocurrency transactions, illegal lending, and the alcohol and tobacco sectors.
President Vladimir Putin told officials that strengthening enforcement has now become a key priority for both federal and regional authorities.
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