Russia To Ban Cash Transactions Over $10,000

The government plans to slash the amount of cash in domestic trade

Viktor Kuzmin | special to RBTH
March 25, 2013 Viktor Kuzmin

Russia may ban cash payments for purchases of more than 300,000 rubles (around $10,000) starting in 2015. The move is expected to boost banks’ cash reserves and put a damper on Russia’s shadow economy. However, the middle class will most likely end up having to pay the price for the scheme.