Russia Introduces Formal System for Cryptocurrency Payments in Foreign Trade

Russia's central bank and finance ministry have jointly developed a system for cryptocurrency payments in foreign trade, set to launch on July 1. This move is expected to bring the country's external payment structure into the formal system, allowing Russian exporters to receive payment in cryptocurrency from overseas counterparties.

The system will initially allow payments using bitcoin (BTC) and stablecoins in import and export transactions, with the aim of building a new payment channel that does not rely on the dollar-based international settlement network. Russia has faced restrictions on access to SWIFT and major correspondent banking networks since 2022, prompting an urgent need for alternative payment methods.

The Russian authorities plan to impose penalties equivalent to those for illegal banking on illegal cryptocurrency brokerage from mid-2027, with companies that used informal channels required to move to approved platforms or face penalties. The introduction of rouble-linked tokens and dollar-linked stablecoins is also under review, with the aim of building multiple digital asset systems for payment overseas invoices.