Russia advances bill allowing crypto foreign trade

TLDR

Russia has advanced a landmark crypto bill that would allow cryptocurrencies to be used in foreign trade while keeping domestic payments largely banned.

1. The bill recognizes digital currency as property and permits its use in cross-border trade, but still prohibits everyday crypto payments inside Russia.
2. Retail access will be tightly controlled through licensed intermediaries, purchase caps, and possible limits on non-custodial wallets, alongside a digital ruble rollout.
3. If fully passed and implemented, this could modestly boost demand for major coins in sanctioned trade, with the real impact depending on whitelisted assets and enforcement.

Deep Dive

1. What The Bill Actually Does

Russias Financial Market Committee has approved the crypto bill On Digital Currency and Digital Rights for a second reading in the State Duma, a key procedural step toward passage. The bill formally recognizes digital currency as property, strengthening court protection for owners in disputes and insolvency and explicitly allows cryptocurrencies to be used for foreign trade and cross-border settlements while keeping a ban on domestic crypto payments in place inside Russia. These provisions are laid out in recent reporting on Russias crypto bill.

2. How Access And Controls Would Work

A revised draft removed the earlier requirement that users report specific wallet addresses, instead requiring disclosure only of balances and transaction flows, to reduce exposure of sensitive data according to committee chair Anatoly Aksakov. The same draft keeps domestic payments banned and, in current versions, restricts retail investors to a small set of coins such as Bitcoin (BTC), Ethereum (ETH), and USDT, with an annual purchase cap around 300,000 rubles and mandatory risk testing, as detailed in final draft details. There are indications that withdrawals to non-custodial wallets may remain prohibited, meaning most regulated activity would be through custodial, licensed platforms.

3. Foreign Trade, Sanctions And What To Watch

The bill explicitly allows licensed Russian brokers and asset managers to trade on foreign crypto exchanges in friendly jurisdictions and use crypto for cross-border settlements, while classifying crypto as property in bankruptcy and divorce cases, according to committee revision coverage. In parallel, the Bank of Russia plans to launch the digital ruble on September 1, and Sberbank is preparing a bank-controlled crypto wallet and depository, which could route most compliant flows through state-linked channels, as highlighted in the Sberbank crypto on-ramp.

Conclusion

Russias move toward a legal framework that permits crypto in foreign trade while keeping tight domestic controls reflects a strategic use of digital assets to navigate sanctions without loosening internal monetary control. For crypto users and observers, the important signals will be which coins make the Bank of Russia whitelist, how strict custodial and non-custodial rules remain, and whether real cross-border volumes materialize once the law and digital ruble go live.