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. Last Updated: 07/27/2016

Yakut Capital Flight

In Yakutia, new limitations have been established for private citizens personally transporting cash. According to a decree issued by Yakutia's president, Mikhail Nikolayev, the maximum amount of cash that can be personally transported by adults has been set at 50 million rubles (about $9,000); minors may take out 20 million rubles. Larger sums can be transported only if accompanied by documentation of the money's source and with approval from the local tax authorities.

According to Interfax, an informed source within the republic's government reported that the limitations were introduced as a result of several instances at the Yakutsk airport in which citizens were taking large sums of cash to Moscow. The largest single sum -- 1.6 billion rubles -- was detained on New Year's Eve. According to current regulations in the region, the transportation police are responsible for detaining the money. It is then surrendered to a bank, where an account in the owner's name is opened for the full sum.

Izvestia, Jan. 28