Less Cash, More Yuan: How Russians Move Money Abroad

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Since the end of September, private individuals—regardless of their nationality—have been allowed to take a maximum of 1 million rubles in cash into neighboring countries, equivalent to approximately 10,700 euros. The limit applies to members of the Eurasian Economic Union (EAEU) —Armenia, Belarus, Kazakhstan, and Kyrgyzstan—as well as for Azerbaijan, Tajikistan, and Uzbekistan. Previously, the limit was the equivalent of 100,000 U.S. dollars. President Vladimir Putin reduced it to less than one-eighth of that amount by decree.

However, international bank transfers are on the rise: In June, they reached 321 billion rubles (3.4 billion euros)—twice as much as in January.

Cash Only with a Bank Receipt

For legal entities and sole proprietors, the new presidential decree confirms the complete ban on the export of cash in any amount but expands the list of exceptions. The export of funds is permitted via select international airports: the government determines which ones. Travelers must provide a bank statement proving that they withdrew the entire amount they are carrying from their own account. Likewise, legal entities are permitted to export foreign currency in the context of international travel if both the point of departure and the destination are outside Russia, provided that proof of the import of these funds into the country is provided. Without proof, the government will confiscate any amount exceeding the limit from private individuals and the full amount from companies.

The government and the Central Bank are expected to present a procedure within three months to track the cash being exported. So far, customs has not kept statistics on this, reports the business portal RBC.

According to the Central Bank, cash in circulation in Russia has grown by approximately 2.5 trillion rubles (26.7 billion euros) since the beginning of the year, with over 1 trillion of that amount added in July and August alone.

According to the Central Bank, foreign currency transfers rose by 50 billion rubles to 144 billion rubles (1.5 billion euros) in June. Ruble transfers grew by 12 billion to 177 billion rubles (1.9 billion euros). In January, the combined total of the two was still 158 billion rubles (1.7 billion euros), according to an analysis by the daily newspaper Izvestia. Throughout the second quarter, Russians transferred a good 800 billion rubles (8.5 billion euros) abroad. According to the Central Bank, this volume corresponds to the level seen in the second half of 2025.

Fewer Migrants, More Money

In the first half of the year, approximately 1.9 million people from Uzbekistan, Tajikistan, and Kyrgyzstan entered Russia to work—15% fewer than in the same period last year. This is shown by data from the border guard service, which the Russian daily Vedomosti analyzed. The number of arrivals from Tajikistan fell by 17.9%, from Kyrgyzstan by 16.7%, and from Uzbekistan by 13.2%. Alexander Safonov of the Moscow Financial University attributes this to stricter migration policies.

However, migrant workers are sending more money back to their home countries. Uzbekistan received $9.3 billion in remittances in the first half of the year, 13% more than in the previous year.

Remittances from Russia to Kyrgyzstan rose to $2.99 billion for the full year 2025, up from $2.78 billion the previous year. They plummeted in most other neighboring countries, according to an analysis by the business newspaper RBC. Remittances to Georgia totaled $0.47 billion, down from $2.07 billion in 2022.

Remittances to China on the Rise

Last year, T-Bank processed 90 million international money transfers totaling approximately 500 billion rubles (5.3 billion euros). That is eleven times as much as four years ago.

From January through May 2026, the volume grew by 20% to 200 billion rubles (2.1 billion euros). The state-owned bank VTB reached 294 billion rubles (3.1 billion euros) in 2025, 5.8 times the previous year’s figure. In the first five months of 2026, it doubled its volume to over 140 billion rubles (1.5 billion euros). Over 90% of VTB’s demand comes from Uzbekistan, Tajikistan, China, and Kyrgyzstan.

Sergey Khromov, vice president of T-Bank, compares the international money transfer market to the carnival game “Whack-a-Mole”: “Sanctions didn’t destroy the system; they forced us to become more flexible,” he told Vedomosti.

Remittances to China are growing the fastest. In the first half of the year, T-Bank customers transferred 1.2 billion rubles to Chinese Alipay accounts—five times as much as in the previous year. On average, that amounted to 17,000 rubles (180 euros) per transfer—typical amounts for purchases made by private individuals. At VTB, by contrast, the average for transfers to Chinese yuan accounts is over 100,000 yuan, equivalent to 13,300 euros. Such sums suggest purchases of goods by small business owners. As of October 1, VTB cut the fee for transfers to China of 200,000 yuan or more in half, from 2% to 1%.

Channels to the West are continuing to close. Euro and dollar transfers from Russian accounts to Europe are practically no longer possible. With the 21st sanctions package in July 2026, the EU imposed sanctions on 94 additional banks and financial institutions. Among them are the transfer service Unistream and the operator of the money transfer service Solotaya Korona, whose European subsidiary is surrendering its license.

Germany: Register Instead of Banning

The EU Cash Regulation has been in effect since June 2021: Anyone crossing the EU’s external border with 10,000 euros or more must declare the amount to customs in writing without being asked. This also applies to gold bars and bearer checks. When traveling within the EU, travelers must declare such amounts upon request. Anyone who violates the declaration requirement risks a fine of up to 1 million euros. Starting in July 2027, an EU-wide limit on cash payments will take effect: Merchants will then no longer be allowed to accept cash payments exceeding 10,000 euros.

Sources: Russian Central Bank 1, 2, Vedomosti 1, 2, 3, Kommersant 1, 2, RBC 1, 2, Izvestia (all RU); Customs 1, 2, Stuttgarter Zeitung

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Source: German-Russian Chamber of Foreign Trade, “Less Cash, More Yuan: How Russians Move Money Abroad,” October 15, 2026.

This article was prepared for the German-Russian Chamber of Foreign Trade.