Russia's Deputy Finance Minister Alexey Moiseev has suggested that cryptocurrency can be useful in international settlements, particularly in foreign trade activities restricted by Western sanctions. Speaking at an economic forum in Moscow, Moiseev said that while he believes cryptocurrency is generally risky for investors, "there may be individual situations in which crypto can be used."

To this end, Russian authorities are planning to set up a special committee that would issue permits to operators employing crypto in foreign trade transactions. While most state institutions in Russia are against legalizing transactions with decentralized cryptocurrencies like Bitcoin, they agree that cross-border settlements in cryptocurrency are necessary amid increasing sanctions pressure.