The Bank of Russia is considering going all in on cryptocurrencies to skirt the impact of international sanctions, as it remains the most sanctioned country in the world.
While a formal nationwide initiative is yet to materialize, Bank of Russia First Deputy Governor Vladimir Chistyukhin said the central bank is considering easing restrictions for cryptocurrencies as a strategic response to the sanctions imposed since 2022.
Russia’s relationship with cryptocurrencies has shifted significantly over the years, but the current pivot is fueled primarily by geopolitical necessity rather than grassroots adoption or market demand.
Cryptocurrencies cannot be used for payments within Russia following a legislative ban back in 2020, and trading remains restricted to a small subset of institutional investors who meet strict financial thresholds.
However, the central bank is expected to reach an agreement with the Ministry of Finance by the end of this month on loosening these conditions.
Chistyukhin noted that facilitating cross-border crypto transactions is particularly urgent, as locals currently face restrictions on using traditional currencies to make international payments.
Since the invasion of Ukraine, Russia has been subjected to a wide array of sanctions from the United States, European Union, United Kingdom, Canada, and other allied nations.
As a result, the country’s economy has been under considerable pressure. Meanwhile, many Russian banks and individuals have been cut off from the global financial system.
For instance, Russian banks have been blocked from accessing SWIFT, and over $350 billion in foreign reserves have been frozen by Western governments.
Elsewhere, key export sectors such as energy, mining, and defense have also faced strict export controls and investment bans.
Bank of Russia to re-evaluate investor criteria
According to Chistyukhin, the first step for the central bank is reviewing the “super-qualified investor” criteria, which remains the main barrier preventing broader investor participation in crypto markets.
The regulation stems from earlier plans to test crypto trading under a tightly controlled legal environment with limited access.
Back in 2022, the central bank and the Finance Ministry began collaborating on launching a national cryptocurrency exchange.
However, the exchange, which went live in April 2025, is limited to super-qualified investors, those with at least 100 million rubles in assets or an annual income of over 50 million rubles.
Restrictions include tight monitoring and a complete ban on domestic payment usage.
While it may appear exclusive, the idea was to legalize crypto use in cross-border trade to help businesses bypass Western sanctions through a regulated channel.
Now, the central bank wants to expand access to crypto markets by lowering entry thresholds, a move that could allow medium-sized firms and more institutions to participate.
“We are discussing the feasibility of using ‘superquals’ in the new regulation of crypto assets,” Chistyukhin said.
Russia’s crypto moves draw global scrutiny
Although the Kremlin hasn’t officially endorsed cryptocurrencies as a national policy, there have been deliberate state-linked efforts to use digital assets to bypass sanctions and sustain international trade.
Capturing recent headlines was A7A5, a stablecoin backed by Promsvyazbank, a sanctioned Russian bank, and issued in Kyrgyzstan.
Stablecoins are digital tokens pegged to fiat currencies, and Russia has sought to use them in international transactions to avoid traditional banking routes.
A7A5 drew a lot of attention after reports showed that its trading volumes surged to over $70 billion, resulting in targeted sanctions from the European Union in October 2025.
Sanctions have also impacted platforms like Garantex and its successor Grinex, which were infamous for facilitating large volumes of ruble-backed stablecoin transactions and money laundering activities.
International trade is another area where Russia has experimented with crypto.
Back in July 2024, the country legalized the use of cryptocurrencies for foreign trade settlements, followed by a pilot program in September 2025 to trial transactions with friendly countries using Bitcoin, Ether, and stablecoins.
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