Russia legalises crypto cross-border settlements
The Russian Parliament has enacted a law permitting cryptocurrencies to be used for cross-border settlements under foreign-trade contracts. For exporters and importers squeezed by payment-channel disruptions, it opens a state-sanctioned route to move value — but only inside a tightly controlled experimental perimeter.
The law empowers the Central Bank of Russia, in coordination with Rosfinmonitoring, to establish an experimental legal regime (ELR) under which Russian exporters and importers may settle in cryptocurrency. Within that regime, special rules can override provisions of several federal statutes.
Key takeaways
- The Central Bank may launch an experimental legal regime (ELR) letting Russian exporters and importers settle foreign-trade contracts in crypto.
- ELR rules are special and can modify four federal laws — on currency control, the national payment system, organised trading and digital financial assets.
- The framework also envisages organised crypto trading and a designated authorised organisation to oversee the transactions.
- The law took effect on 1 September 2024, with the first ELR expected around the same time.
- Use in practice still depends on the counterparty's jurisdiction recognising crypto — e.g. the UAE.
4
Federal laws the ELR can override
1 Sep 2024
Law enters into force
ELR
Experimental legal regime run by the Central Bank
Cross-border
Foreign-trade settlements only — not domestic payments
What the experimental regime can change
The ELR's provisions are special in relation to existing federal law — meaning they can modify, within the regime's perimeter, how the following statutes apply:
| Federal law | What the ELR may enable |
|---|---|
| No. 173-FZ (2003) — Currency Regulation & Control | Use of digital currencies as a means of payment under foreign-trade contracts between residents and non-residents. |
| No. 161-FZ (2011) — National Payment System | Creation of electronic platforms to provide settlement services for transactions in digital currencies. |
| No. 325-FZ (2011) — Organised Trading | Organised trading in digital currencies, revised admission of crypto as a tradable commodity, and requirements for trade organisers. |
| No. 259-FZ (2020) — Digital Financial Assets & Digital Currency | Designation of an authorised organisation through which foreign-trade crypto transactions are conducted, with its rights and duties. |
The law also anticipates the establishment of organised trading for cryptocurrencies and the designation of a special authorised organisation to oversee these transactions.
Worth noting: the law allows the suspension or termination of an ELR participant's status if that exporter or importer discloses confidential or otherwise restricted information — a built-in compliance lever for the regulator.
Why this matters for cross-border business
The law legalises, inside Russia, the use of crypto for foreign-trade settlements. But legality on one side of a deal is not enough: whether crypto can actually be used also turns on whether the counterparty's jurisdiction recognises and permits it. The UAE, for instance, has already built a crypto regulatory framework, making it a natural settlement counterpart.
A crypto settlement clause is only as strong as its weakest jurisdiction — both ends of the trade have to permit it, or the payment leg fails.
Cardinals — Digital & Crypto AssetsIf you are considering crypto settlement for your business, our Digital & Crypto Assets team can structure compliant arrangements across both jurisdictions. For sanctions exposure and enforcement angles, see also Sanctions and Cross-Border Disputes.
Frequently asked questions
Can Russian exporters legally settle in cryptocurrency now?
Under the new law, the Central Bank of Russia may create an experimental legal regime (ELR) allowing exporters and importers to settle foreign-trade contracts in cryptocurrency, in coordination with Rosfinmonitoring.
When did the Russian crypto-settlement law take effect?
The law took effect on 1 September 2024, by which point the first experimental legal regime was also expected to be operational.
Which Russian laws does the experimental regime override?
Within the ELR, special rules can modify Federal Laws No. 173-FZ (currency control), 161-FZ (national payment system), 325-FZ (organised trading) and 259-FZ (digital financial assets and digital currency).
Does the law make cryptocurrency a general means of payment in Russia?
No. It permits crypto only within the experimental regime for cross-border foreign-trade settlements, not for domestic payments.
Does crypto settlement also depend on the counterparty's country?
Yes. Settlement still requires the counterparty's jurisdiction to recognise and permit crypto — for example the UAE, which has its own framework.
This material is provided for general information only and does not constitute legal advice. The legislation referenced is current at the date of publication and may change. For advice on a specific matter, contact Cardinals Law Firm.
Authors
Request a consultation
Tell us about the matter. We respond to qualified enquiries within one business day.