“Maybe we should think about limiting cash transactions. Many countries are following this path … That is very right as it is an element of reducing shadow economy. This instrument may give an opportunity to raise more taxes and make our economy more transparent,” Siluanov said at the congress of the United Russia party.
The implementation of the new rules should be done gradually, to avoid any inconveniences, especially in those Russian municipalities and regions that do not have the infrastructure for cashless operations, the minister added.
The Russian Central Bank and the Ministry of Finance started to discuss the prospects of limiting cash transactions in 2012. The bill on cash limits was introduced to the Russian Parliament, but it was not adopted due to the economic downturn in Russia.
The Russian economy suffered a recession in 2014, as the ruble lost around 50 percent of its value against the US dollar amid low oil prices and Western economic sanctions imposed on the country.