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. Last Updated: 07/27/2016

$1,500 Rule for Expats Could Be Eased

The Cabinet approved a proposal Thursday to change currency legislation in order to allow both foreigners and Russians to take up to $1,500 out of the country without a customs declaration.

Currently, Russians are allowed to take up to $500 out without declaring anything and up to $1,500 without paperwork proving that the funds were legally obtained. Foreigners must present paperwork regardless of the sum -- either a customs declaration stamped upon their arrival or a document from a bank certifying a cash withdrawal.

The proposed amendment, which would give the same rights to Russians and non-Russians, will go to the State Duma for consideration in the fall session, the government press service said.

Prime Minister Mikhail Kasyanov said Thursday that the proposal resulted from "numerous complaints from foreign and Russian citizens." His deputy, Finance Minister Alexei Kudrin, added that the amendment was a first step ahead of a more radical reform of currency regulations.