The Russian Ministry of Finance and the Central Bank of Russia have approved the use of cryptocurrencies, particularly Bitcoin, for international trade and cross-border payments. This move is seen as an alternative to circumvent pressures from Western financial exclusion and sanctions.
Russian companies are seeking to reduce their dependence on the US dollar and the SWIFT network, gaining some operational flexibility.
However, the scope of this initiative remains limited, applicable only to certain cross-border transactions or under specific regulatory regimes.
Analysis: This step positions cryptocurrencies as a financial tool against sanctions, but considering Western sanctions and monitoring mechanisms, its effectiveness is uncertain. Legal and operational challenges remain significant.
