Russia’s finance minister, Anton Siluanov, disclosed that Russian companies are utilizing bitcoin and other digital currencies for international trade as part of efforts to circumvent Western sanctions.

Siluanov explained in an interview with Russia 24 television on Wednesday that recent legislative adjustments have facilitated the use of cryptocurrencies in cross-border transactions. These measures aim to address complications stemming from Western-imposed restrictions, which have made dealings with key partners such as China and Turkey more challenging. He highlighted that Russia has not only authorized cryptocurrency use in foreign trade but also taken steps to legalize cryptocurrency mining, particularly focusing on bitcoin. He stated:

As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions).

In response to Western sanctions, many banks worldwide are exercising increased caution when handling transactions linked to Russia to avoid regulatory scrutiny and potential penalties. For instance, major Chinese banks have significantly reduced or halted processing Russian transactions, including those in yuan, to prevent exposure to U.S. secondary sanctions. This global trend reflects a widespread effort among financial institutions to comply with international sanctions and maintain access to Western financial systems.

Russian President Vladimir Putin has highlighted Russia’s move toward alternative financial tools by emphasizing the growing role of cryptocurrencies. He criticized the U.S. for politicizing the dollar, arguing this weakens its global position and drives nations to consider assets like bitcoin. Putin asserted that bitcoin cannot be stopped, signaling support for wider cryptocurrency adoption. His comments reflect Russia’s strategy to use digital currencies to counter economic restrictions and lessen dependence on traditional financial systems.

Regarding the use of cryptocurrencies, Siluanov further noted:

Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year.

This marks a significant shift in Russia’s approach to digital assets, with the finance minister expressing optimism about the future of international payments involving digital currencies.

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