Russia Caps Retail Crypto Buys at $3,700 a Year in New Law

Russia kept its ban on using crypto to pay for goods and services and extended it to advertising. Then it carved out settlements under foreign trade contracts between residents and non-residents, handing sanctioned Russian companies an alternative channel for cross-border payments.

Enforcement runs partly through banks. If a credit institution or the branch of a foreign bank suspects a transfer involves an unauthorized exchange provider, it must block the funds. The law also guarantees judicial protection for digital currency holders regardless of whether those assets were previously declared, a provision likely aimed at drawing undeclared holdings into the formal system. Clearing houses may transact in digital currencies without registration or a broker when settling defaults or meeting obligations to participants.

Core provisions take effect Sept. 1, the same day Russia begins the staged rollout of its digital ruble. Restrictions on money transfers and rules for non-resident digital depositories follow on July 1, 2027, with technical provisions for digital financial assets arriving Sept. 1, 2027. Existing exchange operators get until March 1, 2027, to comply. The State Duma cleared bill No. 1194918-8 in its second and third readings on July 21, months after policymakers floated separate stablecoin rules and a plan to let banks run exchanges under existing licenses.