Russia to Ease Crypto Restrictions to Help Bypass Sanctions Pressure
What Prompted Russia to Revisit Its Crypto Restrictions?
A senior official at the Bank of Russia says the central bank is discussing a softer stance on cryptocurrency rules as the country struggles with sweeping sanctions. According to a report from Kommersant, First Deputy Governor Vladimir Chistyukhin linked the discussion directly to Russia’s hardy accessing international payment rails following Western responses to the invasion of Ukraine in 2022.
Chistyukhin said the reconsideration has become relevant now that Russia and its citizens face restrictions “on the use of normal currencies for making payments abroad.” Russia banned the use of crypto for payments in 2020, but sanctions have created new pressure points for cross-border transactions and settlements.
He also said he expects the Bank of Russia and the Ministry of Finance to finalize a shared approach by the end of the month. The key topic: whether to remove the requirement that individuals be classified as “super-qualified investors” to purchase or with actual delivery through Russia’s planned platform.
Investor Takeaway
What Is the Super-Qualified Investor Rule?
The “super-qualified investor” category was created earlier this year and sets extremely high entry thresholds. Individuals must hold more than 100 million rubles (about $1.3 million) in assets or earn at least 50 million rubles annually. Only those meeting these criteria can purchase or trade crypto with delivery under the current framework.
The rule restricts the market to a narrow elite. Chistyukhin told Kommersant that regulators are reviewing “the feasibility of using ‘superquals’ in the new regulation of away from the earlier restrictive stance.
The rule was added when the finance ministry and the Bank of Russia prepared the launch of a domestic crypto platform earlier this year. Allowing a broader set of users would represent a notable change and increase the number of participants able to access .
How Are Sanctions Shaping Russia’s Crypto Policy?
Russia has faced multiple rounds of Western sanctions since 2014, but restrictions intensified later than the full-scale invasion of Ukraine in February 2022. Since then, regulators in the United States and Europe have increasingly focused on crypto-linked activity they believe could support sanctions evasion.
The European Union adopted its 19th sanctions package against Russia in late October. The measures included new limits on cryptocurrency platforms and additional restrictions on A7A5 — a ruble-backed stablecoin issued in Kyrgyzstan. EU authorities called it “a prominent tool for financing activities supporting the war of aggression.”
Reports earlier in October said A7A5 had become the world’s largest non-USD stablecoin by volume, in part due to its appeal within Russia-linked trading circles. The United States has also tightened its scrutiny: in August, the placed cryptocurrency platform Garantex Europe on its sanctions list for a second time.
These steps have narrowed Russia’s remaining channels for foreign currency access. This backdrop explains why the Bank of Russia is weighing a more flexible approach to crypto transactions inside the country.
Investor Takeaway
What Comes Next for Russia’s Crypto Framework?
If the super-qualified investor requirement is removed, it would expand participation in Russia’s future and tradeing accessible to a wider population. The Bank of Russia and the Ministry of Finance have long disagreed over how restrictive the rules should be, but Chistyukhin’s comments suggest the two sides may be nearing alignment.
The central bank still opposes using crypto for domestic payments, a stance unchanged since the 2020 ban. However, easing rules for investment and cross-border settlement would fit Russia’s current priorities as sanctions block many traditional payment routes.
The coming agreement between the central bank and the finance ministry will determine how much access Russian residents ultimately gain. With international restrictions tightening and ruble-backed stablecoins drawing more attention from regulators abroad, Moscow is recalibrating how it wants to use — and control — digital assets inside its borders.
