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Russia Uses Bitcoin for International Transactions Amid the Embargo

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Russian companies have begun using Bitcoin and other digital currencies to make cross-border payments under new laws allowing these transactions.

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Finance Minister Anton Siluanov announced this on Wednesday on National television.

Russia Is Changing Cryptocurrency Regulations

According to reports from Reuters, the change comes as Western sanctions complicate trade with key partners such as China and Türkiye. International banks are increasingly hesitant to handle transactions involving Russia to avoid regulatory scrutiny.

The Putin government considers Bitcoin a valid tool to circumvent sanctions and engage in real-time cross-border transactions. This year, the country legalized the use of cryptocurrencies in international trade and introduced measures to support Bitcoin mining.

“Within the framework of the experimental regime, it will be possible to use the bitcoins we mined in Russia (in international trade transactions). Such transactions have taken place. We believe that we should expand and develop further. I am confident that this will happen next year,” Finance Minister Anton Siluanov shared.

Meanwhile, Russia is already one of the world’s leading Bitcoin mining countries. Siluanov emphasized that domestically mined Bitcoin is currently being used commercially as a pilot. He expressed optimism about expanding this practice, calling digital currency payments the future of international trade.

Recently, President Vladimir Putin also criticized the political use of the US dollar, saying that this pushes countries to look for alternative financial tools.

Speaking earlier this month, he pointed to Bitcoin as an unregulated global asset and advocated for its widespread adoption. Just days after his statement, BTC reached the $100,000 mark in early October 2.

Contributing to this momentum, Russian lawmaker Anton Tkachev proposed creating a Bitcoin reserve fund to strengthen the country’s financial resilience.

“Who needs the US dollar? Russian companies are now using Bitcoin and other cryptocurrencies in international trade. Thanks to new laws, Russia can now use domestically mined bitcoin to circumvent Western sanctions,” Mario Nawfal write on X (formerly Twitter).

Policy Changes and Mining Restrictions by Region

Russia has made significant changes to its cryptocurrency laws. The revised tax framework exempts cryptocurrency transactions from value-added tax (VAT). Instead, cryptocurrency-related income will be taxed like income from securities, with personal income tax capped at 15%.

At the same time, governments are imposing new restrictions on Bitcoin mining in regions facing energy shortages. Mining will be banned in 10 areas from January 2025 to March 2031.

In energy-stressed areas such as Irkutsk, Buryatia and the Trans-Baikal Territory, mining operations will be suspended during periods of high demand, specifically from January 1 to March 15, 2025 and from November 15 to March 15 in later years.

These measures reflect Russia’s balance—adopting cryptocurrencies for international trade while addressing domestic energy challenges. These policy changes demonstrate the government’s strategic approach to integrating digital currencies into its economy.

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