In a significant step towards establishing a new relationship with emerging digital currencies, the Russian Ministry of Finance and the Central Bank announced on October 21, 2025, that they had agreed to allow the use of cryptocurrency in international trade. This is to formalize the use of cryptocurrencies in payments for foreign exchange.
While cryptocurrencies have been used informally in Russia for many years, especially in cross-border trades and as an alternative for other channels of transfer of money over the same years, this particular measure is a formalization of their use in payments of bills for foreign transactions. Finance Minister Anton Siluanov indicated the economic efficiency the use of crypto would bring about in trading in foreign markets and that this would allow for speeding up the payments for foreign trade transactions, thus avoiding the use of traditional banks, especially in light of the sanctions so often imposed on trade with Russia and used against Russia to limit their trade and financial transactions.
Currently, Russia is facing harsh financial restrictions due to Western sanctions from the U.S. and the European Union. These sanctions have not only seriously impaired the major banks of the country, but also denied it access to the global payments system, SWIFT. This means that, to maintain and increase its commercial relations, especially with respect to energy markets, Russia has now turned its attention to the use of digital assets (crypto).
The legalization of crypto as a foreign transaction currency should be a crucial factor in regaining access to the global economy, despite potential isolation by other Western states. Therefore, Russia’s introduction of a regulatory system for crypto use in international trade is a response to the growing demand for more flexible financial solutions. By virtue of the borderless quality of digital currency, the government hopes to enhance its strength as a trading state, without the dependence on the use of restricted or prohibited currencies.
Additionally, the pressure for regulation also includes the possibility of connecting Russia with the top rated crypto futures trading platforms for businesses that are engaged in foreign settlements. Thus, adding yet another element of security and liquidity to the transaction, which would help their enterprises better navigate market fluctuations and, at the same time, be guarded by all laws nationally and internationally.
Despite the optimistic outlook, the legalization effort comes with a strong caveat: tight regulations. At the same time, businesses can now use crypto for international transactions, whereas retail use of crypto within Russia is prohibited. The objective of this cautious approach is to avert the likely destabilizing effects that uncontrolled crypto speculation might have on the national currency, the ruble.
This intentional pivot to digital assets has not come about abruptly, but rather represents the culmination of many years of gradual policy changes. In 2020, Russia banned cryptocurrency from being legal tender, and in 2022 and 2023, the government began to take steps to allow cryptocurrency to be used in cross-border payments. The overall process for complete legalization has been carefully crafted, starting with a pilot program designed to explore the potential for using cryptocurrency in foreign settlements. This pilot proved to be successful, thereby opening the door for the present initiative.
