Ukraine moves to block Russia’s crypto payments in trade
Ukraine has warned its international allies about Russia’s crypto strategy and is developing measures to counter this.
Ukraine is preparing to block Russia’s use of Bitcoin and other cryptocurrencies in international trade. The announcement follows comments from Russian Finance Minister Anton Siluanov, who confirmed that Russian companies use crypto to bypass Western sanctions.
Vladyslav Vlasiuk, an advisor to Ukraine’s president, stated that Ukraine had warned its international partners of Russia’s crypto strategy earlier this year. Measures, including sanctions and other solutions, are now in development to prevent unwanted crypto payments. Ukraine remains committed to limiting Russia’s ability to evade sanctions through digital currencies.
Russia has sought alternatives to traditional payment systems as sanctions disrupt its trade with countries like China. Some Russian companies have reportedly used stablecoins for transactions with Chinese partners. This follows the Kremlin’s recent legal framework allowing Bitcoin miners to use crypto for international trade, signalling an intensified reliance on digital assets to navigate economic restrictions.
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