Putin takes strict measures to control capital outflows: restrictions on gold bar exports starting in May

Golden Ten Data

Putin signs two presidential decrees to gradually tighten restrictions on the outbound transfer of cash rubles and gold: starting April 1, cross-border cash transfers exceeding the equivalent of $100,000 will be restricted, and from May 1, the export of gold bars over 100 grams will be prohibited.

Russian President Vladimir Putin signed decrees on Wednesday to impose restrictions on the export of cash rubles and gold as part of broader efforts to combat the shadow economy and curb capital outflows.

According to one decree, starting April 1, carrying cash rubles exceeding the equivalent of $100,000 at the Central Bank of Russia exchange rate across the border into the Eurasian Economic Union (EAEU) is prohibited, except in specific cases.

Another decree states that from May 1, the export of gold bars weighing more than 100 grams from Russia is prohibited. The ban includes several exceptions and does not apply to commercial banks. Russia is the world’s second-largest gold producer.

Both decrees have been published on the official website of the Russian government.

Despite the government’s push for digital payments, demand for cash remains high. By January 2026, the Russian banking system experienced a monthly net outflow of about $13.2 billion in cash, mainly because companies are moving underground to avoid rising VAT and other taxes.

Russian Deputy Finance Minister Alexei Moiseev said that gold is increasingly being used as a substitute for foreign exchange in illegal transactions, exacerbating capital outflows and money laundering activities.

The documents explicitly state: “From May 1, 2026, it will be prohibited for individuals, legal entities, and individual entrepreneurs to export refined gold bars weighing more than 100 grams from the Russian Federation.”

Exceptions for cross-border cash transfers are limited to departures through designated international airports, and travelers must hold bank statements or other government-mandated documents proving the funds originate from a bank account.

Exceptions for gold bar exports include departures through Vnukovo, Sheremetyevo, Domodedovo, and Knevichi international airports, with possession of a permit issued by the Federal Laboratory.

Additionally, legal entities and individual entrepreneurs exporting gold bars to non-EAEU countries are also covered by the exception provisions.