Business Desk 
Dec 26, 2024
Several Russian companies have started using bitcoin and other digital currencies for international payments, following recent legislative changes aimed at countering Western sanctions.
This move comes as sanctions have complicated Russia's trade with major partners such as China and Turkey.
Additionally, local banks have become increasingly cautious with Russia-related transactions to avoid scrutiny from western regulators.
According to Russia’s finance minister, Anton Siluanov, these changes have enabled Russian companies to use cryptocurrencies in foreign trade.
The finance minister revealed that Russian companies are now using bitcoins mined within the country for international transactions, with plans to expand and develop this practice further.
“As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions),” Siluanov noted.
Earlier this month, Russian President Vladimir Putin also expressed support for the use of cryptocurrencies, stating that the current US administration is undermining the role of the US dollar as the reserve currency.
Putin also highlighted bitcoin as an example of an alternative asset that no single entity in the world can regulate.
Notably, the sanctions have restricted Russia's access to traditional financial markets, as both the US and the EU banned the export of dollars and euros to Russia in March 2022, reducing their use in trade.
