The Russian logistics company ETE Group has urged Prime Minister Mikhail Mishustin to allow the use of cryptocurrency for international trade. According to Gazeta.ru, ETE has requested the development of regulations to facilitate transactions with foreign suppliers using digital currencies. The company is seeking amendments to Russia’s Civil and Tax Codes, currency control laws, and the establishment of a legal status for cryptoassets. ETE also wants clear protocols for cryptocurrency issuance, circulation, and accounting, and the designation of a regulatory body for overseeing crypto transactions.
Based in Moscow and Vladivostok, ETE serves nearly 500 corporate clients, specializing in cargo shipments to countries like China, India, Türkiye, and those in Southeast Asia. The company noted a 40% increase in business interest for crypto payments abroad in 2024, citing the lack of regulatory framework as a risk for companies currently permitted to make international payments in cryptocurrency.
Russian firms turned to cryptocurrency for transactions following sanctions from the US, EU, and UK after the Ukraine conflict in 2022. While official guidelines mandate the use of the Central Bank’s sandbox for crypto trade, many firms reportedly operate outside these regulations. The ongoing sanctions have pushed Russian firms to seek alternatives to dollar-based trading. ETE highlighted delays in payments with China and Kazakhstan, exacerbated by increasing sanctions.
The firm pointed out that Russian law mandates the ruble as the sole legal currency, complicating the use of crypto for payments. Meanwhile, investment firm VanEck suggested that Russia and China might be using Bitcoin to settle energy transactions.
