Why Russia's crooks and savers love the €500 note

If the distinctive purple banknotes are scrapped, most Europeans won't mind. But they keep Russia's shadow economy afloat

The European Central Bank has said it may phase out the 500-euro note, news that most Europeans will probably greet with a shrug. But the distinctive purple bill has many fans abroad - especially in Russia, where it is popular among small-time savers and crooked officials.

According to central bank board member, Yves Mersch, Russia is an "important market for euro cash" because the euro is "traditionally used as a stable store of value there", he said.

Related: Crime, terrorism and tax evasion: why banks are waging war on cash | Paul Mason