Russia Legalizes Crypto Payments for International Trade to Bypass Sanctions 💱

News & Articles
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Summary:

  1. New Crypto Law: Russian lawmakers passed a bill allowing businesses to use cryptocurrencies for international trade to evade Western sanctions following the invasion of Ukraine.

  2. Implementation Timeline: The law will come into force in September, with the first crypto transactions expected by the end of the year, facilitated by a new “experimental” infrastructure created by the central bank.

  3. Sanction Evasion Strategy: The move aims to mitigate delays in international payments with major trading partners like China, India, and the UAE, who have become cautious due to pressure from Western regulators.