Putin curbs cash exports to EAEU and Central Asia

Russian President Vladimir Putin has imposed new limits on cash leaving the country, banning individuals from carrying more than 1 million rubles ($12,300) out of Russia to the Eurasian Economic Union (EAEU), Azerbaijan, Tajikistan and Uzbekistan, according to a decree published Tuesday. The restriction also applies to legal entities and individual entrepreneurs regardless of the amount of cash they seek to export, per the decree published on Russia's official legal information portal.

Exceptions for approved airports and bank withdrawals

The rules include exceptions for cash taken out through airports designated by the Russian government, as well as cases in which bank statements confirm that the money was withdrawn from an account belonging to the person exporting it. The previous limit for individuals stood at the equivalent of $100,000, while the restrictions did not previously apply to Azerbaijan, Tajikistan or Uzbekistan.

Tighter controls on capital outflows

The move adds to a series of measures Moscow has taken to tighten control over capital flows amid Western sanctions and economic pressure. By extending the cap to EAEU partners and several Central Asian states, the decree closes routes that had previously allowed larger sums to move across Russia's southern and eastern borders. The change takes effect under the published decree and could affect traders, migrant workers and small businesses that rely on cash transfers across the region.