Russia imposes 1 million ruble monthly cash limit
You won«t go to an ATM with a bag of money anymore
The Russian Finance Ministry has drafted a bill introducing a strict limit on depositing cash into bank accounts and deposits via ATMs. According to the initiative, individuals (that is, you and I) will be able to deposit no more than 1 million rubles (approximately $10,000 at current rates) per month via this method.
The measure, as usual, is aimed at combating money laundering and «whitening» the economy. However, experts warn that despite the logic of the initiative, it will primarily affect law-abiding citizens.
What is the essence of the initiative?
Currently, Russian legislation does not contain direct restrictions on the amount of cash an individual can deposit into their account or deposit via an ATM. According to the Finance Ministry, this is supposedly exploited by persons legalizing income of dubious or criminal origin.
The explanatory note to the bill notes that the absence of limits makes it relatively easy to convert «gray» cash into non-cash circulation, bypassing the stricter control that is exercised when working through the bank«s cash desk.
The proposed amendments are being made to the law «On Banks and Banking Activities». The document has already been sent for approval to the Bank of Russia and Rosfinmonitoring. A transition period of 180 days from the date of official publication is envisaged, which should give banks time to adapt their IT systems and internal procedures. Details are in the material of MSK1.RU.
Depositing millions through a bill acceptor is dangerous and inconvenient
According to Yulia Suvorova, Director of Legal Affairs and Compliance at the financial marketplace «Sravni», the new measure is unlikely to create serious problems for the majority of law-abiding citizens. Large transactions — buying and selling real estate, cars — are increasingly being done in non-cash form. Depositing several million rubles through an ATM is in itself inconvenient and unsafe: the limited bill acceptor requires many operations, and the process itself takes time and increases risks.
But from the point of view of combating criminal schemes, the limit could increase their costs, Suvorova believes. Fragmenting amounts, using accounts in different banks and attracting so-called drops becomes more difficult and costly, which reduces the profitability of illegal operations.
«As for the banking sector, we should not expect a sharp increase in operating costs or the need to expand staff and office space. The overall trend towards digitalization has already significantly reduced the turnover of cash, and the new measure will only support the transition to non-cash payments for those who still pay in cash the old-fashioned way,» says Suvorova.
Control over citizens« finances is strengthening
Common fraudulent schemes (such as the one involving Larisa Dolina) are specifically linked to cash. Often citizens, succumbing to the persuasion of criminals, take cash stored at home, sell real estate and cars, collect money from bank deposits and deposit rubles onto cards via an ATM to transfer to scammers, says financial advisor Aleksey Rodin.
«In this scheme, gullible citizens are persuaded not to visit bank branches and not to use the cash desk, as bank employees may warn the client and «break» the whole scheme,» says Rodin.
However, in addition to fighting fraud and countering the legalization of criminal proceeds, the innovation has a third reason — it is a general strengthening of control over the movement of money in the country.
«Not much explanation is needed here. Any state strives to control the income, expenses and cash flows of its citizens,» Rodin believes.
Ultimately, the state faces a classic task: to find a balance between financial security and convenience for law-abiding citizens. The limit of 1 million rubles is another step in this direction. But this initiative does not operate on its own; it is part of a broader government strategy to strengthen control over cash turnover.
In December 2025, President Vladimir Putin instructed the government and financial authorities to develop additional measures to «whiten» the economy. Incidentally, among the steps under discussion are mandatory cash collection for businesses with large turnover and restrictions on cash transactions exceeding certain thresholds, including real estate transactions. At this rate, it seems Russians will only remember stacks of cash in pictures or in movies about bandits from the nineties.
