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The Russian Ministry of Finance may require companies to convert cryptocurrency into rubles., 2026/03/25 10:15:50
The Russian Ministry of Finance is considering the possibility of extending mandatory repatriation requirements for export earnings to cryptocurrencies. This was stated by the deputy head of the department, Ivan Chebeskov.
According to him, the significance of cryptocurrencies in international transactions has increased amid sanctions. Consequently, the ministry is contemplating the introduction of a requirement for businesses to convert digital assets obtained from foreign economic activities into rubles.
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In October 2023, the President of Russia signed a decree mandating certain exporters to repatriate and sell their foreign currency earnings on the Moscow Exchange. The proportion of mandatory conversion is determined by the government based on the economic situation. This measure aims to stabilize the ruble’s exchange rate and support the financial market.
The requirements apply to key sectors, including the fuel and energy complex, metallurgy, the chemical and forestry industries, as well as agriculture. In September 2024, Russian businesses were permitted to use digital currencies for cross-border transactions.
On Tuesday, March 24, the head of the Bank of Russia, Elvira Nabiullina, stated that the significant share of cryptocurrencies in international payments necessitates the legalization of digital assets to establish accountability for illicit operations.
The Ministry of Finance and the Bank of Russia have also prepared draft laws regulating the exchange and trading of cryptocurrencies. It is anticipated that transactions will be conducted through specialized exchange platforms with banking licenses. Penalties are stipulated for violations of the requirements.
