Russia to Authorize Crypto for International Trade as Workaround to Sanctions
Russian legislators recently approved a measure permitting businesses to engage in transnational trade using cryptocurrencies. This move aims to bypass Western sanctions instituted after Russia invaded Ukraine. The legislation, expected to be enacted in September, has the support of Elvira Nabiullina, the governor of Russia’s central bank, who stated that the very first crypto transactions under the new law would take place before the year’s end. Russia has experienced substantial delays in transnational payments with key trading partners such as the UAE, China and India, as banks within those countries, influenced by Western regulators, adopt a more cautious stance. In…
