Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Russian companies started conducting international transactions using bitcoin and other digital currencies, following legislative changes allowing such payments.

“As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia, in foreign trade transactions,” Russian Finance Minister Anton Siluanov said in an interview on the Russia 24 television channel.

Russia has begun using Bitcoin and other digital currencies for international trade. This move follows legislative changes aimed at countering Western sanctions. The shift aligns with US President Joe

Russia taps Bitcoin and cryptocurrencies for international trade, embracing digital assets to counter economic challenges posed by Western sanctions.

Russian firms embrace Bitcoin for cross-border payments to bypass sanctions, amid new crypto laws and mining restrictions till 2031.

"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia [in foreign trade transactions]," Finance Minister Anton Siluanov told the Russia-24 TV channel. "Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year."

The Russian government has been a historic opponent of bitcoin, banning its use for domestic payments, but has recently come to see the potential benefits of virtual currencies for evading U.S. and Western sanctions.

Ukraine has announced "sanctions and other solutions" to block Russia's unwanted cryptocurrency payments. Source: Vladyslav Vlasiuk, Advisor to the president of Ukraine and Commissioner for Sanctions Policy Details: Vlasiuk recalled that Russian companies started using Bitcoin and other digital currencies for international payments after changes in legislation allowed such transactions in order to counter Western sanctions.

Bitcoin and BRICS are considered to be helpful for reducing Russian dependence on the US dollar. Russia began international dealings through Bitcoin. Russia trusts digital currencies to make inter-nation trade easier in ways that can protect it from US sanctions and give greater control over global trade with and over the US dollar.