Russia Approves Crypto for Cross-Border Payments, Domestic Ban Stays

Russia's State Duma approved a bill that legalizes cryptocurrency for foreign trade and cross-border settlements. The legislation marks a strategic push to bypass Western sanctions through a licensed infrastructure for international crypto payments.

The law keeps a strict prohibition on using crypto for payments inside Russia. It is set to take effect on September 1, 2026, pending President Vladimir Putin's signature. Crypto exchanges and other market participants have until July 1, 2027, to obtain licenses and register with the Central Bank of Russia.

The bill passed as Russia looks for ways to maintain trade flows despite tightening financial restrictions. The transition period gives firms roughly a year to comply with new registration requirements.