Russia Weighing Shift To Crypto Transactions As Sanctions Hurt Exports

It is a matter of time until Russia starts trading goods for digital currencies as it seeks to avoid sanctions imposed on it over Ukraine, the head of state-run Russian Export Center said on Thursday

MOSCOW (UrduPoint News / Sputnik - 26th May, 2022) It is a matter of time until Russia starts trading goods for digital currencies as it seeks to avoid sanctions imposed on it over Ukraine, the head of state-run Russian Export Center said on Thursday.

"A shift to payments in national currencies and in future in cryptocurrencies is a compulsory measure that has a very promising outlook," Veronika Nikishina told a national industrial forum in Moscow.

Russia will eventually use national and cryptocurrencies to trade with "friendly countries," she said, after the West imposed several rounds of sanctions on Russian exports and imports.

Russian Export Center is a nonprofit established in 2015 to help Russian non-commodity exporters find new markets. It is part of VEB, a corporation that helps raise funds for major projects benefiting Russia's infrastructure, industries and social sphere.