Consequently, foreign currency sales by exporters have plummeted, with import payments now 55% in rubles. Businesses have created alternative payment networks to mitigate sanctions, resulting in a more opaque trade setup that helps Russia adapt to the global monetary system challenges.

Russia’s foreign currency inflows shrink as trade shifts to ruble payments

Russia is turning to cryptocurrencies and other digital assets to counter western sanctions imposed over the Ukraine conflict. The central bank has recommended businesses use multiple payment solutions, including digital currencies, to facilitate transactions with foreign partners.

Bank of Russia considers stablecoin regulatory framework

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Russia’s foreign currency inflows shrink as trade shifts to ruble payments

Bank of Russia considers stablecoin regulatory framework