Russia plans tighter controls on cash and gold exports

Russia is preparing to tighten restrictions on the export of cash and gold, citing concerns over the movement of funds and precious metals across its borders.

Bogdan Shablya, head of the Financial Monitoring and Foreign Exchange Control Service at the Central Bank of Russia, said the existing rules would be further strengthened after authorities identified loopholes and cases of abuse.

Under rules introduced this year, individuals are prohibited from taking more than the equivalent of $100,000 in cash out of Russia to Armenia, Belarus, Kazakhstan and Kyrgyzstan, based on the Central Bank's official exchange rate on the day of export. For legal entities and individual entrepreneurs, the restrictions apply regardless of the amount.

Since May 1, individuals have also been barred from taking gold bars weighing more than 100 grams in total out of Russia. Exceptions apply to exports through Vnukovo, Domodedovo, Sheremetyevo and Vladivostok's Knevichi airport, provided travellers have permission from the Federal Assay Chamber.

Shablya said travellers carrying amounts above the permitted threshold must provide documents confirming the source of the funds. However, he acknowledged that the requirement is not always properly enforced.

“There are cases of abuse,” Shablya said, referring to attempts to use the same export documents for multiple batches of cash.

The Central Bank plans to tighten checks on the authenticity of such documents and prevent their repeated use.

The official also pointed to an increase since 2023 in what the Central Bank describes as “suspicious” transactions involving precious metals. According to Shablya, Russian citizens have exported “tens of tonnes of gold” abroad, prompting authorities to strengthen oversight of the sector.

He said the current rules were likely to be modified in the near future, with the aim of tightening controls over the cross-border movement of cash and precious metals.

By Vugar Khalilov