Russia will use cryptocurrency to handle backlogged payments to allies amid Western sanctions: reports
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Russia will turn to cryptocurrency as the newest method to circumvent heavy international sanctions that have taken their toll on the economy amid its ongoing war efforts in Ukraine.
«We are taking a historic decision in the financial sphere,» Anatoly Aksakov, head of the Duma lower house, told lawmakers, according to Reuters. The Duma passed the bill on Tuesday after three readings.
The U.S. and Western allies applied severe sanctions on Russia following its invasion of Ukraine, including the extreme decision to cut off some Russian bank access to the SWIFT banking system.
Russia since then has tried to use the currency of trading partners, including convoluted transfer schemes to try and skirt sanctions, but the heavy global reliance on dollars and euros has hampered such efforts – forcing Moscow to seek alternatives, such as digital currencies.
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Russian President Vladimir Putin speaks during his meeting at the Senezh Management School, on June 14, 2024, in Solnechnogorsk, Russia. (Contributor/Getty Images / Getty Images)
The bill will now go to the upper Federation Council before Russian President Vladimir Putin gives it the final approval. New measures will help regulate mining, which already happens across the country as one of the world’s largest crypto-mining nations.
Putin has previously tried to limit crypto-mining in Russia over concerns about the huge demands on the energy grid. The country’s cooler
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