Russian businesses are circumventing sanctions by using cryptocurrencies

Russian businesses operating within the Russian Federation have begun to use cryptocurrencies to circumvent sanctions in cross-border transactions, according to the Ministry of Finance.

Vladimir Gamza, the head of the Chamber of Commerce and Industry of the Russian Federation said that business in the Russian Federation mainly uses cryptocurrency for transactions with unfriendly countries (USA, Ukraine,…). It is expected that before the end of the year, the Russian authorities will introduce legislative requirements for cross-border transactions in cryptocurrency.