Russia Moving Forward With Crypto International Settlement Experiment

Despite Russia’s ban on crypto payments within the country, it is reportedly looking to test the use of such assets for dealings with foreign entities, a local news agency reports

article-image

Russian President Vladimir Putin | Sasa Dzambic Photography/Shutterstock modified by Blockworks

share

The Central Bank of Russia is reportedly working on a way to use crypto for international settlements despite the country’s stringent broader stance on such assets. 

Elvira Nabiullina, head of Russia’s central bank, said it would create special organizations that could mine crypto and use it to settle payments with foreign entities, Russian news agency TASS reported Monday. 

Organizations affiliated with the state would be able to use crypto for such settlements initially, Central Bank Deputy Chairman Alexei Guznov told the Russian news outlet. Private companies may be allowed to do so in the future, he added.

Russia’s finance ministry said in February 2022 crypto should not be granted currency status — a suggestion included in a drafted law presented to the country’s parliament at the time.

Russian President Vladimir Putin signed a bill in July designed to bolster the existing ban on crypto as a method of payments for goods and services in Russia.

Despite the restrictions on crypto, Russian government officials said last year the country was in discussions about allowing the use of crypto for international trade, according to Interfax news agency. 

Such discussions followed sanctions imposed on Russia after its invasion of Ukraine.

Deputy Finance Minister Alexei Moiseev told Russia-24 in an interview in September that it was necessary to legalize cross-border settlements in cryptocurrencies. 

The Bank of Russia continues to oppose legalizing crypto exchanges, as well as crypto payments within Russia, TACC reported Monday.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /
article-image

Zac Prince spearheads Galaxy’s push into consumer banking with high-yield cash, crypto, and stock trading features

by Blockworks /