Russia Introduces Limit on Cash Deposits via ATMs
The Russian Ministry of Finance has drafted a bill imposing a strict limit on replenishing bank accounts and deposits with cash through ATMs. Under the initiative, individuals will be able to deposit no more than 1 million rubles per month (approximately $10,000 at current rates) in this manner.
The goal of the innovation is to combat money laundering and the transfer of shadow funds into legal circulation. However, experts warn that the restrictions will primarily affect law-abiding citizens.
Essence of the Proposed Changes
Currently, Russian legislation does not contain direct limits on the amount of cash that can be deposited into an account via an ATM. The Ministry of Finance believes that this is exploited by individuals legalizing income of dubious origin.
The explanatory note to the draft states that the absence of limits makes it relatively easy to convert «gray» cash into non-cash circulation, bypassing strict controls when working through a bank teller.
The amendments are being introduced into the Law «On Banks and Banking Activities». The document has already been sent for approval to the Bank of Russia and Rosfinmonitoring (the Federal Financial Monitoring Service). A transition period of 180 days from the date of publication is provided for the adaptation of bank IT systems and procedures.
Replenishing Accounts with Large Cash Amounts: Risks and Inconveniences
Yulia Suvorova, Director of Legal Affairs and Compliance at the financial marketplace Sravni, believes that for most citizens, the new measure will not create serious problems. Large transactions, such as the purchase of real estate or cars, are increasingly carried out non-cash.
Depositing millions of rubles through an ATM is inconvenient and unsafe: the limited bill acceptor requires many transactions, increasing time and risks.
From the perspective of combating criminal schemes, the limit could increase their costs, notes Suvorova. Splitting amounts, using accounts in different banks, and involving money mules become more complex and costly, reducing the profitability of illegal operations.
«As for the banking sector, a sharp increase in operating costs or the need to expand staff and office space should not be expected. The overall trend towards digitalization has already significantly reduced cash turnover, and the new measure will only support the transition to non-cash payments for those who still use cash the old-fashioned way,» says Suvorova.
Control over Citizens« Cash Flows
Financial advisor Alexei Rodin points out that many fraudulent schemes, as in the case of Larisa Dolina (a famous singer who was a victim of fraud), involve cash. Victims are persuaded to withdraw funds from deposits, sell property, and deposit money through an ATM for transfer to scammers.
«In this scheme, gullible citizens are persuaded not to visit bank branches or use the cash desk, as bank employees can warn the client and «break» the entire scheme,» says Rodin.
Besides fighting fraud and money laundering, there is a third reason for the innovation — a general tightening of control over the movement of money in the country.
«There is no need to explain much here. Any state seeks to control the income, expenses, and cash flows of its citizens,» Rodin believes.
Ultimately, the state is solving a classic problem: finding a balance between financial security and convenience for law-abiding citizens. The limit of 1 million rubles (approximately $10,000 at current rates) is another step in this direction.
This initiative is part of a broader government strategy to strengthen control over cash circulation. In December 2025, President Vladimir Putin ordered the development of additional measures to „whiten“ the economy.
Among the discussed steps are mandatory cash collection for businesses with large turnover and restrictions on cash transactions exceeding certain thresholds, including real estate operations. Thus, cash may gradually become a thing of the past.
