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• The authorities in Moscow aim to launch the digital ruble in July next year
Russia is stepping up measures to circumvent sanctions imposed after its invasion of Ukraine and is adopting new laws regulating cryptocurrencies, along with a plan to launch the digital ruble, measures aimed at maintaining the country's international trade, writes Business Insider.
According to Reuters, earlier this week the Russian State Duma - the lower house of the Russian Federal Assembly - passed a bill that will allow companies to use cryptocurrencies in international trade. According to this new law, the central bank of Russia will create a new "experimental" payments platform. Moscow central bank governor Elvira Nabiullina said the first transactions were expected by the end of this year. In addition, Nabiullina also mentioned that the bank plans to launch the digital ruble in July next year, according to TASS, Business Insider also writes. Digital currencies, such as the digital ruble, are similar to cryptocurrencies, but are issued and backed by central banks.
• Some Russian companies are already using crypto
Russia just this week passed new regulations legalizing crypto mining. The ban on crypto payments in Russia remains, but the approval of the use of cryptocurrency for international trade marks a significant change, Business Insider also notes.
In January 2022 - before the invasion of Ukraine - Russia's central bank proposed banning the use and mining of cryptocurrencies in the country, citing risks to financial stability and monetary policy. But the problems it has with international payments following sanctions imposed by Western countries have forced the authorities in Moscow to change their position. Some Russian companies are already using cryptocurrencies, but through intermediaries in Central Asia, according to a Bloomberg report published last week.
Even President Vladimir Putin said earlier this month that Russia should "seize the moment" to create a legal framework for digital assets, as they are increasingly used to settle international payments, according to Business Insider.
• The increasingly stringent sanctions imposed by Western countries have affected Russia's international trade
Until recently, Moscow did not have to look closely at digital currencies, as Russian companies were able to do business using other currencies outside the US dollar, such as the Chinese yuan, or through smaller banks, the publication noted. But for Russia, international trade has become increasingly difficult.
Last December, the United States imposed a series of secondary sanctions, targeting financial institutions that help Russia avoid the first round of sanctions. This prompted global banks from China to the United Arab Emirates to reduce transactions involving Russia, even those in currencies other than the US dollar.
"By forcing banks from Turkey to India and China to stop processing payments involving Russian counterparties, the US Treasury has demonstrated its global power," Christopher Granville, managing director of global policy research at GlobalData, wrote in a note. TS Lombard.
"In other words, just settling transactions in national currencies rather than US dollars proves insufficient to counter US sanctions." Payments problems for Russia intensified last month after the US launched a new package of sanctions against the country, forcing the Moscow Stock Exchange to halt trading in dollars and euros.
For now, it's unclear what Russia's crypto and digital currency systems will look like and work like, according to Business Insider.
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