Most Russians haven’t been affected by Western sanctions, but there’s one thing the U.S. Treasury can do to put real political pressure on Vladimir Putin—immediately stop circulating and honoring $100 bills in Russia.

Rather than investing in a retirement fund, ordinary and wealthy Russians alike protect their life savings by converting their rubles to dollars and stashing them at home. Russian ruble volatility and U.S. dollar security and stability have made American currency a preferred savings mechanism. For years, Russians’ bill of preference has been the $100. As of 2019, more than 661,500 pounds of $100 bills were in Russia—many of them stashed in lumpy mattresses and home-sewn money belts. That’s $31.5 billion. READ MORE