Recent statements from Russia’s Central Bank indicate that businesses in the country are increasingly utilizing Bitcoin and other cryptocurrencies for international transactions. This shift comes as a response to Western sanctions imposed due to the ongoing conflict in Ukraine, which have disrupted traditional financial channels. Elvira Nabiullina, the governor of the Central Bank of Russia, has acknowledged that the bank is exploring alternative payment channels, including digital assets, to facilitate cross-border trade. This development follows legislative changes in 2024 that legalized the use of cryptocurrencies for international payments, while maintaining a ban on their use domestically. Russian Finance Minister Anton Siluanov has also confirmed that companies are actively using Bitcoin, particularly those mined within Russia, in foreign trade under an experimental framework. This marks a significant pivot from the Central Bank’s earlier skepticism toward cryptocurrencies, driven by the need to circumvent sanctions and maintain economic ties with trading partners like China and India.
