Russian Companies Are Using Cryptos to Avoid Sanctions

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Ivan Chebeskov, director of the financial policy department of the Ministry of Finance, has said that Russian businesses are already conducting cross-border settlements using cryptocurrencies, although the regulation of such transactions has not yet started working.

According to him, transactions are still being carried out “in a limited volume.”

Basically, digital currencies are used for settlements with unfriendly countries. First of all, this concerns the supply of Russian export goods and the import of component materials for the manufacturing sector, explained Vladimir Gamza, head of the Council of the RF Chamber of Commerce and Industry for Industrial, Financial and Investment Policy.

Another segment of use was the import of consumer goods. He has added:

ÔÇťAgainst the background of sanctions, the volume of cross-border transactions with cryptocurrencies could increase several times.”