• Russia has begun allowing selected companies to use cryptocurrency for cross-border trade settlements under an experimental legal regime.
• The framework creates a legal pathway for approved foreign-trade payments, but overseas exchanges, custodians and stablecoin issuers remain subject to international sanctions rules.
• The success of the programme will depend on whether global counterparties continue providing liquidity, custody and payment services despite sanctions risks.

Russia has introduced an experimental legal regime allowing selected exporters and importers to use cryptocurrency for cross-border trade settlements, creating a state-backed payment channel for approved foreign-trade transactions.

The Bank of Russia said participation is…