Russian banks mull crypto payments for 50 million tons of grain exports
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Russian bank RSHB and the Central Bank of Russia (CBR) are considering accepting cryptocurrency as payment for the country’s massive grain exports expected to approach 50 million tons this season. According to a bank official, cryptocurrencies can serve as an alternative method for settlements in grain trade. Russia is a global leader in this market despite restrictions imposed over its invasion of Ukraine, another major grain exporter. Sanctioned Russian agro bank mulls taking crypto for grain Russian Agricultural Bank, also known as Rosselkhozbank (RSHB), has pitched the idea of accepting crypto payments for Russia’s wheat and other grain exports during a recent industry event held in the Black Sea resort town of Sochi. This year’s edition of the Russian Grain Forum gathered hundreds of participants, from large producers and traders to representatives of Russia’s main commodities exchange and central bank. During a business breakfast, First Deputy Chair of the RSHB Board Irina Zhachkina stated: “We believe that cryptocurrencies can be a convenient alternative instrument, and at the moment, together with the Bank of Russia and all interested parties, we are working on the possibility of using cryptocurrency instruments for settlements in grain trading.” Attendees emphasized the importance of cooperation between entities involved in the export of Russian grain in order to reduce logistics costs, especially in regard to niche crops where volumes are smaller, but margins are growing. The opportunities presented by digital assets were also discussed. Russian companies have been reportedly using cryptocurrencies, stablecoins in particular, to circumvent Western sanctions punishing Moscow for its aggression against Ukraine. While the war has caused disruptions in Ukrainian grain exports, Russia has managed to establish itself as a major producer and exporter despite restrictions that have limited both its trading capabilities and access to global finances. The Russian Federation is expected to…
Filed under: News - @ June 3, 2025 1:29 pm