Considering the possibility of launching a local stablecoin to bypass international sanctions, Russia ponders over the idea.
Russia has taken a significant step towards integrating cryptocurrencies into its economic infrastructure, legalising their use for cross-border import and export payments as a strategic response to Western sanctions blocking its access to global payment systems [1]. This move allows Russian companies to settle transactions without relying on dollar-based infrastructure.
In late December, pilot transactions for the use of cryptocurrencies for imports and exports were conducted, marking a new chapter in Russia's financial landscape [1]. The Deputy Director of the Russian Finance Ministry, Osman Kabaloev, has suggested the possibility of Russia launching a stablecoin for such payments [1]. However, as of mid-2025, there is no confirmed launch of an official Russian state-backed stablecoin.
Stablecoins, such as Tether (USDT), play a critical role in Russia's crypto-based trade settlement ecosystem. However, the West has been actively attempting to disrupt this system by blocking funds linked to sanctioned exchanges [1][2]. The recent blocking of Tether funds linked to a sanctioned Russian crypto exchange is a reflection of these global enforcement efforts [2].
Russia's reliance on existing stablecoins for international trade settlements is significant. For instance, a substantial proportion of Russia's cross-border payments have shifted to the Chinese currency [1]. Kabaloev mentioned the recent launch of the AE Coin, a stablecoin pegged to the dollar, at a conference of the Association of Russian Banks [1]. There have also been previous reports about plans for a Russian stablecoin in the Chinese yuan and a stablecoin tied to the BRICS basket.
Russia is also working on a digital ruble, a central bank digital currency (CBDC) [1]. Meanwhile, the specific stance of China's government regarding a yuan stablecoin or its CBDC remains unclear. There have been talks of a BRICS Bridge, a planned cross-border CBDC payment system for local currency payments amongst the ten BRICS member states [1].
This dynamic highlights Russia's strategy to integrate cryptocurrencies into its economic survival while facing escalating countermeasures targeting these crypto payment channels [1][2]. As the geopolitical landscape continues to evolve, it will be interesting to see how Russia's cryptocurrency adoption journey unfolds.
[1] Reuters, "Russia legalises use of cryptocurrencies for cross-border trade," 2024. [2] Reuters, "U.S. and allies target Russia's crypto use to evade sanctions," 2025.
- The Russian Finance Ministry's Deputy Director, Osman Kabaloev, has suggested the possibility of Russia launching a stablecoin for cross-border payments, according to recent reports.
- Russia is also working on a digital ruble, a central bank digital currency (CBDC), as mentioned in the latest news.
- As the geopolitical landscape continues to evolve, there have been talks of a BRICS Bridge, a planned cross-border CBDC payment system for local currency payments amongst the ten BRICS member states.
- The Deputy Director of the Russian Finance Ministry, Osman Kabaloev, also mentioned the recent launch of the AE Coin, a stablecoin pegged to the dollar, at a conference of the Association of Russian Banks.
