Russian companies are now using Bitcoin to circumvent Western sanctions, as confirmed by Russian Finance Minister Anton Siluanov.
Russia’s economy is facing significant challenges in international transactions, even with countries like China that do not use the US dollar as a reserve currency.
The Kremlin has introduced an experimental legal framework for cryptocurrency miners, allowing the “legalization” of Bitcoin usage in international settlements. This is part of a broader plan to bypass sanctions, which may further isolate the country from the global economy.
This move could also benefit Russian energy companies, which can now sell energy to domestic Bitcoin mining groups. However, this deepens the reliance on internal and less stable financial mechanisms.
Even though Russian companies are allowed to make payments in Bitcoin, it does not guarantee that other countries will accept such transactions, given their own laws and the international pressure from Western financial regulators.
This step may create additional challenges for Russia in global relations and could affect ties with figures like Donald Trump, who supports cryptocurrencies on one hand but advocates for the US dollar’s dominance on the world stage.
