Russian companies are using bitcoin to evade Western sanctions, thanks to a new law, the country's Finance Minister Anton Siluanov confirmed in a television interview. Why it matters: Russia's economy has been hampered by difficulties in making and receiving international payments,

Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

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.

Facing crippling sanctions, Russia is turning to cryptocurrency to keep its global trade alive. With Bitcoin now fully legal for international payments in Russia, President Putin has embraced it as a compelling alternative to traditional finance.

Russian companies are increasingly using Bitcoin and other digital currencies for international payments in response to Western sanctions, Reuters reported on Dec. 25. Once key facilitators of Russia’s trade,

From blockchain advancements to digital currencies, financial tools that once seemed niche are now stepping onto the main stage of international trade. For Russia, this shift has taken on new urgency.