Russian Businesses Embrace Crypto for Cross-Border Payments as Sanctions Tighten

Amidst the ongoing economic squeeze from sanctions imposed following the conflict in Ukraine, Russian businesses are turning to cryptocurrencies as a viable alternative for international transactions. The country’s central bank governor, Elvira Nabiullina, recently revealed that several companies have been exploring the use of digital assets such as Bitcoin to facilitate cross-border payments. These efforts come with a focus on navigating financial barriers and maintaining import/export operations despite restrictions on conventional banking channels. ]