Russia’s Ministry of Finance ruled out the possibility of selling oil for cryptocurrency

The department suggests that digital assets should not be used as a means of payment, but that transactions should be formalized as barter in private transactions

18.06.2022 - 08:10

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What’s new? The Ministry of Finance of the Russian Federation has proposed using cryptocurrencies as an asset rather than a means of payment. Due to high export volumes, oil is not likely to be sold for cryptocurrency, Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance, told RTVI. He added that settlements using digital assets are possible for relatively small contracts in private transactions with a number of friendly countries.

Information on the RTVI website

What else does Chebeskov say? The official stressed that the Bank of Russia is not against international settlements in cryptocurrency. He explained that the Ministry of Finance suggests using digital assets, not as a means of payment, but to formalize transactions as barter, in which the buyer exchanges the cryptocurrency for a good or service. Chebeskov added:

“The objective is to give an alternative, not to say that Russia is now paying with crypto for everything.”

In late May, First Deputy Governor of the Bank of Russia Ksenia Yudaeva said that the regulator does not object to the use of digital assets in international settlements and international financial infrastructure.

Bank of Russia Governor Elvira Nabiullina reported that the regulator allows the use of cryptocurrencies in international settlements. However, she noted that digital assets should not penetrate the Russian financial system and be used within the country as a means of payment.

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