Russia promotes use of cryptography in foreign trade amid sanctions and push to diversify the dollar

Russia is accelerating the legalization of cryptocurrencies in foreign trade, signaling a major shift in global finance aimed at defeating sanctions, strengthening cross-border payment systems and ushering in a new era of decentralized commerce.

Russia supports virtual currencies for foreign trade amid sanctions pressure

Russia is working to incorporate cryptocurrencies into its external trade framework as part of a broader strategy to ease the impact of global financial restrictions and modernize cross-border transactions. As reported by Interfax news agency, Russian Finance Minister Anton Siluanov said this week that participants in a strategic session chaired by Prime Minister Mikhail Mishustin had concluded that virtual currency transactions in foreign trade should be legalized, while the Bank of Russia’s supervisory powers over this transaction should be strengthened.

“We are considering initiatives in important areas related to crypto payments and cryptocurrencies,” Siluanov said in a translated statement. “Payments for imports, payments, and withdrawals of currency from the country are made using crypto markets and cryptocurrency payments. We therefore agreed with the central bank on the need for the central bank to strengthen its supervisory capabilities and to rationalize and legalize this market.” He also stressed the need for a legal framework to ensure transparency.

We believe that this field should be legalized and this field of activity should be regulated by law. We therefore believe that, together with Rosfinmonitoring and the regulators, we can ensure and restore order in this area.

The session was also attended by Bank of Russia Governor Elvira Nabiullina and Deputy Governor Olga Polyakova, who emphasized cooperation between fiscal and monetary authorities. Rosfinmonitoring is Russia’s federal enforcement agency responsible for combating money laundering and terrorist financing, formulating and implementing state policies.

The Central Bank of Russia previously launched an experimental legal framework that allows the use of virtual currencies in foreign trade under a special law. Vice Chairman Alexei Guzunov said the initiative aims to test regulatory approaches to the use of virtual currencies in international economic activities. If the results are positive, the scheme could be extended to companies in the special administrative region. Supporters argue that legalizing crypto-based trade payments could increase Russia’s trade flexibility and reduce its dependence on the U.S. dollar as sanctions remain in place.

FAQ 🧭

• How does Russia plan to use cryptocurrencies in its foreign trade?
  Russia intends to legalize cryptocurrency transactions for imports and cross-border payments to avoid financial sanctions and modernize trade flows.
• What role will the Bank of Russia play in this crypto initiative?
  The Bank of Russia will have expanded supervisory powers to regulate and monitor virtual currency-based foreign trade activities under a new legal framework.
• Why is Russia now legalizing crypto payments?
  The move is part of a strategic response to avoid global sanctions and reduce dependence on the US dollar in international trade.
• What are the next steps in Russia’s crypto trading development?
  Russia will initially operate an experimental legal system to evaluate and scale up the use of cryptocurrencies in foreign trade based on regulatory outcomes.