Russia has started using Bitcoin in foreign trade to circumvent sanctions.

Russian companies have started to utilize Bitcoin and other digital currencies for international payments. This shift occurred following legislative changes that permitted such usage as a means to counteract Western sanctions. This was reported by Reuters, as noted by UNN.

Details

It was stated by Russia's Finance Minister Anton Siluanov.

According to Reuters, sanctions have complicated Russia's relations with key partners like China and Turkey, as local banks are cautious regarding transactions involving Russia. This approach helps to evade oversight from Western regulatory bodies.

At the same time, this year Russia has allowed the use of cryptocurrencies in foreign trade and has taken steps towards legalizing cryptocurrency mining, including Bitcoin. The aggressor nation is one of the global leaders in Bitcoin mining.

He also added that international payments in digital currencies represent the future.

The publication also reminded that this month Russian dictator Vladimir Putin stated that the current U.S. administration undermines the role of the American dollar as a reserve currency. Specifically, it uses it for political purposes, forcing many countries to turn to alternative assets.

As an example, Putin highlighted Bitcoin, asserting that no one in the world can regulate this cryptocurrency.

"Putin's statements indicated that the Russian leader supports the widespread use of cryptocurrencies," summarized Reuters.

Reminder,

Russian companies facing challenges in trading with China due to Western sanctions are increasingly turning to cryptocurrencies like Tether and barter transactions to bypass financial restrictions.