{"id":68116,"date":"2022-10-05T11:40:22","date_gmt":"2022-10-05T08:40:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68116"},"modified":"2025-09-07T12:20:38","modified_gmt":"2025-09-07T09:20:38","slug":"russian-firms-increasingly-use-cryptocurrencies-for-cross-border-settlements-amid-sanctions","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/russian-firms-increasingly-use-cryptocurrencies-for-cross-border-settlements-amid-sanctions\/","title":{"rendered":"Russian firms increasingly use cryptocurrencies for cross-border settlements amid sanctions"},"content":{"rendered":"<p>Russian companies are already conducting cross-border settlements using cryptocurrencies, although regulation of such transactions has not yet come into force. This was stated by Ivan Chebeskov, head of the Financial Policy Department at the Ministry of Finance, to <a href=\"https:\/\/iz.ru\/1404971\/mariia-kolobova\/pereshli-na-kripty-biznes-nachal-provodit-transgranichnye-sdelki-s-tcifrovoi-valiutoi\">\u00ab\u0418\u0437\u0432\u0435\u0441\u0442\u0438\u044f\u043c\u00bb<\/a>.<\/p>\n<p>He noted that the transactions are currently taking place \u201cin limited volume.\u201d<\/p>\n<p>Digital currencies are being used mainly for settlements with unfriendly states. Primarily this concerns shipments of Russian export commodities and imports of component materials for the manufacturing sector, said Vladimir Gamza, head of the RF Chamber of Commerce and Industry\u2019s council for industrial-financial and investment policy. <span data-descr=\"Chamber of Commerce and Industry\" class=\"old_tooltip\">\u0422\u041f\u041f<\/span><\/p>\n<p>A second area of use has been the import of consumer goods.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAgainst the backdrop of sanctions, the volume of cross-border cryptocurrency transactions could have grown several-fold,\u201d noted Gamza.<\/p>\n<\/blockquote>\n<p>Sources declined to name any specific companies conducting cryptocurrency transactions.<\/p>\n<p>Earlier it emerged that the Ministry of Finance wants <a href=\"https:\/\/forklog.com\/en\/news\/russia-weighs-lifting-restrictions-on-cross-border-crypto-settlements\">to allow international settlements in cryptocurrencies<\/a> for all sectors without restrictions. The initiative would require coordination with the Central Bank. Moscow Exchange or SPB Exchange could serve as service centres for such transactions.<\/p>\n<p>In a related move, the government was instructed to prepare <a href=\"https:\/\/forklog.com\/en\/news\/russia-proposes-adding-cryptocurrencies-to-the-civil-code\">proposals coordinated with the central bank<\/a> on the development of cryptocurrencies and the digital ruble.<\/p>\n<p>The roadmap should include provisions regulating mining and the circulation of digital currency within the country, as well as its use in international settlements.<\/p>\n<p>Follow ForkLog\u2019s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russian companies are already conducting cross-border settlements using cryptocurrencies, although regulation of such transactions has not yet come into force.<\/p>\n","protected":false},"author":1,"featured_media":68117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,1729,27],"class_list":["post-68116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-money-transfers","tag-russia"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=68116"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68116\/revisions"}],"predecessor-version":[{"id":68118,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68116\/revisions\/68118"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/68117"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=68116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=68116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=68116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}