Russian businesses start to conduct cross-border transactions with cryptocurrencies

Such transactions are carried out in the absence of regulation by the state

05.10.2022 - 08:15

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2 min

What’s new? Russian companies have started conducting the first cross-border transactions with digital currency in a limited volume, despite the lack of regulation in this area. Izvestia reported, citing Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance. The Chamber of Commerce and Industry (CCI) stressed that cryptocurrencies are mainly used in settlements with unfriendly countries in exports, as well as imports of components for the manufacturing sector.

News on the Izvestia website

What is known about the transactions? The use of cryptocurrencies allows the circumvention of restrictions on payments in dollars and euros. According to Vladimir Gamza, Chairman of the Council of the CCI on Financial, Industrial and Investment Policy, the volume of transactions with digital assets could grow several times against the backdrop of sanctions. The official also stressed that any cryptocurrencies with a clear source of issue, control and collateral system can be legally used in the Russian economy for transactions with foreign counterparties. In this, representatives of the CCI and the Ministry of Finance did not name specific companies already conducting international transactions with cryptocurrency.

Earlier, it became known that the Ministry of Finance and the Bank of Russia will allow international settlements in cryptocurrencies for all industries. Ivan Chebeskov noted that it is necessary to use all possible alternatives to the US dollar and the SWIFT interbank messaging system, including cryptocurrencies, stablecoins, and digital financial assets (DFAs). According to representatives of the Federal Financial Monitoring Service, the relevant draft law will be completed by the end of 2022.

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