Russia is Developing Crypto Infrastructure to Evade Western Sanctions: Chainalysis Reports
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
Russia has taken steps to utilize cryptocurrency, having enacted legislation permitting cryptocurrency mining and using digital currencies for international transactions.
According to a report from Chainalysis, Russia’s Central Bank (CBR) is leading this initiative, which includes plans for trial cross-border crypto transactions starting in September.
On August 9, President Vladimir Putin signed bills that legalized crypto mining and allowed international crypto payments. The new laws will allow approved Russian businesses and entities to use digital currencies for cross-border payments. Russia’s central bank is also testing its digital currency, the digital ruble, expected to launch in 2025.
“These recent crypto-forward legislative efforts are part of Russia’s broader efforts to develop alternative payments mechanisms to alleviate Western sanctions pressure while decreasing dependence on the U.S. dollar, which has been a long-term goal for Russia especially amidst increasing geopolitical tensions,” Chainalysis said.
Chainalysis points out that Russia-based cryptocurrency exchanges like Garantex and Exved could be used to process these international payments. These exchanges have already been linked to sanctions evasion tactics.
Chainalysis also mentioned non-KYC (Know Your Customer) platforms like Bitzlato, Suex, and Tetchange, which have offices in Moscow’s International Business Center.
These platforms may serve as a major part of Russia’s crypto ecosystem. Since they don’t require identification, such platforms make it harder for
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