The Finance Minister of Russia reportedly says that many firms in the country are now using Bitcoin (BTC) to engage in foreign trade and skirt Western sanctions.

“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 is expanding the use of Bitcoin in foreign trade to bypass sanctions, as confirmed by Finance Minister Anton Siluanov.

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.

Russia is increasingly adopting cryptocurrencies for international payments to counter Western sanctions and reduce dependence on the US dollar. Recent legislative changes have legalized the use of digital currencies in foreign trade.