Crypto: Russia is set to launch two exchanges to circumvent sanctions

In response to Western sanctions, Russia is accelerating its crypto adoption with bold initiatives. Two new exchange platforms are expected to soon launch in Moscow and Saint Petersburg, aiming to support the country’s foreign economic activity and strengthen its financial resilience.

Russia considers creating crypto exchanges to boost foreign trade

The Russian Federation plans to create at least two new crypto exchange platforms on its territory. According to sources close to the matter, one of them is based on the existing infrastructure of the Saint Petersburg Exchange (SPVB), while the other is set up in Moscow, potentially within the Moscow Exchange or as a separate entity.

These initiatives fall within an experimental legal framework, reflecting the Russian government’s willingness to explore innovative solutions to maintain its international trade exchanges. This flexible approach will allow the platforms to quickly adapt to market developments and geopolitical constraints.

Initially, access would be limited to “blue chips,” the most solid and well-established Russian companies, in order to minimize risks and ensure a controlled launch.

A strategic tool to face international challenges

The initiative is part of a broader strategy aimed at circumventing financial restrictions imposed by the West.

As Chinese banks begin to show reluctance for yuan transactions with Russia, cryptos appear to be a promising alternative to maintain commercial exchanges.

These platforms could offer a solution for Russian companies facing difficulties in carrying out international transactions through traditional banking channels.

They would also allow diversifying payment options and reducing dependence on foreign currencies controlled by Western countries.

Meanwhile, Russia is not completely abandoning traditional currencies. Despite export bans, the country reportedly managed to discreetly accumulate 2.3 billion US dollars in cash.