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Crypto payments between Russia and its partners in trade this year are approaching 1 trillion rubles in fiat equivalent, revealed a high-ranking official in Moscow. The assessment comes less than a year after President Putin gave the nod to cross-border settlements in cryptocurrency to help Russian companies circumvent Western sanctions. Penalties imposed over his invasion of Ukraine have seriously restricted Russia’s access to global finances and limited its options to make payments through traditional financial channels. Russia counting crypto changing hands in foreign trade The total amount of cryptocurrency transfers between the Russian Federation and other countries since the start of 2025 may reach 1 trillion rubles (over $12.7 billion), according to Anatoly Aksakov, head of the financial markets committee at the State Duma, the lower house of parliament in Moscow. Commenting on the value of Russian crypto transactions with foreign counterparties in an interview with Russia’s official news agency, TASS, Aksakov stated: “I admit, this is already about 1 trillion rubles.” The Russian lawmaker was quick to emphasize, however, that decentralized digital currencies such as Bitcoin should be employed exclusively for international payments. “We firmly stand on the position that cryptocurrencies can only be used for external settlements. We have legalized this option within the framework of the experimental legal regime,” the parliamentarian insisted. Aksakov was referring to Russia’s special legal regime for crypto operations that allows Russian firms to buy and use digital coins to pay trading partners abroad and accept crypto for exports. “Cryptocurrencies are purchased on the domestic market, including at exchange auctions. But at the same time, cryptocurrency should only be used for foreign trade transactions, for example, when delivering goods to Russia,” he elaborated. Anatoly Aksakov was discussing crypto payments on the eve of the St. Petersburg International Economic Forum (SPIEF), which will be…

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Filed under: News - @ June 18, 2025 10:28 pm