Russia Uses Bitcoin in Foreign Trade to Skirt West's Sanctions As Trump Readies US Strategic Reserve

Russian companies are using bitcoin and digital currencies for international payments to bypass Western sanctions, says Finance Minister Anton Siluanov. Despite growing trade difficulties due to the war in Ukraine, local banks in China, UAE, India and Turkey remain cautious about Russia-related transactions. Russia introduced new laws in July to allow cryptocurrency use in foreign trade and has become a global leader in bitcoin mining. President Putin has criticised the US dollar's politicisation, saying no one can prohibit bitcoin. Meanwhile, US president-elect Donald Trump’s push for a bitcoin strategic reserve has driven the cryptocurrency's value to record highs. Some US states are considering their own bitcoin reserves.

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