Cross-border Crypto Payments in Russia: What You Need to Know About New Bitcoin Rules

Ben Bevan 21 January 2026 8 Comments

Since 2024, Russia has quietly rewritten the rules around Bitcoin and other cryptocurrencies-not to ban them, but to use them. While ordinary Russians still can’t legally pay for coffee with Bitcoin, the government now allows companies to send and receive crypto across borders. This isn’t a loophole. It’s official policy under Federal Law No 221-FZ, a three-year pilot program designed to bypass Western financial sanctions and keep trade flowing.

Why Russia Changed Its Mind on Crypto

In 2022, Russia banned cryptocurrency payments domestically. Banks couldn’t process crypto transactions. Exchanges were shut down. Even holding Bitcoin was risky. But as sanctions froze Russian banks out of SWIFT and cut off access to dollar reserves, something changed. Trade with China, India, Turkey, and others didn’t stop-it just found a new path.

By late 2023, energy companies started using Tether (USDT) and Bitcoin to invoice oil and gas exports. No more waiting for delayed bank transfers. No more blocked payments. Just direct, peer-to-peer settlements. The government noticed. Instead of cracking down, they legalized it.

The shift wasn’t about embracing decentralization. It was about survival. President Putin ordered the Finance Ministry and Central Bank to find a middle ground: allow crypto for international trade, but keep it locked away from everyday Russians. The result? A tightly controlled system where only approved companies can move crypto across borders-and only through certified platforms monitored by the Bank of Russia.

Who Can Use Crypto for Cross-Border Payments?

Not everyone. Only legal entities-companies, not individuals-can participate. And even then, only if they’re part of the official pilot program. The Bank of Russia maintains a list of approved digital asset operators. These aren’t Binance or Kraken. They’re Russian-registered platforms with strict AML and KYC protocols baked in.

The crypto allowed? Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and a few other stablecoins tied to the ruble or dollar. No random altcoins. No anonymous wallets. Every transaction must be recorded, traced, and reported to tax and financial authorities.

Companies using this system must prove where their funds came from. They must show they’re not laundering money or evading sanctions. The Bank of Russia has issued detailed guidelines on spotting suspicious peer-to-peer transfers. If a company’s crypto payments look odd-sudden spikes, unusual counterparties, mismatched invoice amounts-they’ll get flagged.

Domestic Crypto? Still Illegal

Here’s the key detail: you still can’t use Bitcoin to pay your rent, buy groceries, or tip a delivery driver in Russia. Domestic crypto payments remain banned. The government wants crypto as a trade tool, not a currency. That’s why the Digital Ruble-a state-backed digital version of the ruble-is being rolled out separately. Starting September 1, 2026, large enterprises will be required to accept it. By 2028, even small shops will have to switch over.

This split is intentional. The state wants control over money circulating inside Russia. Outside Russia? Let companies use crypto to dodge sanctions. Inside Russia? Keep everything tied to the Digital Ruble, where the government can track every ruble spent.

Dual-layer digital ruble card and Bitcoin wallet on marble surface with legal labels.

Who’s Getting Rich From This?

The biggest winners? Energy exporters. Russian oil and gas firms have become the leading users of cross-border crypto payments. In 2025, official data shows that crypto-facilitated trade hit 1 trillion rubles ($11 billion USD). Most of that came from sales to India and China, where buyers prefer stablecoins like USDT because they’re faster and more reliable than traditional banking.

One company, the A7 Group, partially owned by a sanctioned Russian bank, has been using ruble-backed stablecoins to settle international contracts since early 2024. They don’t use Bitcoin directly-they use tokens pegged to the ruble to avoid price swings. That’s the trend: companies prefer stablecoins over volatile assets like Bitcoin for actual payments.

But Bitcoin still matters. It’s used as a reserve asset. Some firms hold BTC as a hedge against ruble devaluation. Others use it to convert funds into a globally accepted digital asset before moving them into local currencies abroad.

Investors Are Getting Limited Access

Regular people still can’t buy Bitcoin through Russian exchanges. But a small group can. The Bank of Russia defines a “highly qualified investor” as someone with over 100 million rubles ($1.1 million USD) in securities or deposits-or an annual income over 50 million rubles ($550,000 USD). That’s less than 0.1% of the population.

Since May 2025, these investors can buy Bitcoin futures and other crypto derivatives. In the first month alone, Russian investors bought $16 million worth. The Central Bank plans to let investment funds buy crypto derivatives in 2026. But even then, only the ultra-rich get in.

The Ministry of Finance is considering lowering the income threshold. But don’t expect mass access anytime soon. The goal isn’t financial inclusion. It’s financial control.

Globe showing crypto trade routes from Russia to Asia, with domestic restriction barrier.

Challenges and Risks

The system works-but it’s fragile. Many Russians still hold over $25 billion in crypto, mostly on foreign exchanges like Binance or Bybit. They can’t legally buy crypto in Russia, but they can still trade it overseas. The government knows this. They’ve been pressuring foreign platforms to block Russian IPs and enforce KYC on Russian users.

Enforcement is messy. P2P trading is hard to track. Someone in Moscow can use a VPN to buy Bitcoin from a seller in Turkey, then send it to a company in China. The Bank of Russia can’t stop that. So they focus on the big players: banks, energy firms, exporters. If you’re a small business trying to use crypto to pay suppliers, you’re on your own.

There’s also the risk of over-reliance. If China or India suddenly restrict crypto payments, Russia’s trade lifeline could snap. That’s why the Digital Ruble rollout is so critical. It’s the long-term plan: replace crypto with a state-controlled digital currency that’s just as fast, but fully under Moscow’s thumb.

What’s Next?

The pilot program runs until 2027. After that, the government will decide whether to make cross-border crypto payments permanent. If the system proves stable, clean, and effective, expect broader access-even for more asset types.

The Central Bank is already working on rules for crypto-based derivatives. A draft law is expected in 2026. That could open the door to Bitcoin ETFs or tokenized bonds for qualified investors.

Meanwhile, Russia’s position in the global crypto landscape is shifting. While the U.S. and EU treat crypto as a risk to be contained, Russia treats it as a weapon to be deployed. It’s not about freedom. It’s about power. And for now, that power is working.

For businesses trading with Russia, the message is clear: if you want to get paid, you’ll need to accept crypto. If you’re an investor, access is still locked behind a very high wall. And for everyone else? Stick to cash. The digital future is here-but it’s not for you.