In brief:
₿- Russians now hold over $25 billion in crypto assets, with institutional investors increasingly investing in bitcoin mining despite ongoing domestic restrictions.
₿- Russia’s cross-border crypto transactions may reach $12.7 billion in 2025, as the country uses digital currencies to bypass Western sanctions while keeping domestic crypto payments illegal.
Russians are diving deeper into cryptocurrency, with total crypto assets now exceeding 2 trillion rubles ($25.4 billion), according to Vasily Girya, CEO of GIS Mining. The announcement was made at the St. Petersburg International Economic Forum 2025, highlighting the country’s growing reliance on digital currencies amid global sanctions.
Institutional investors boost crypto mining orders
Institutional interest in digital assets is accelerating. Girya noted that major asset management firms and large-scale investors are increasingly placing sizable orders with industrial Bitcoin mining operators. The trend suggests that crypto mining in Russia is no longer just a retail activity—it’s becoming a serious business for professional investors.
Russia turns to crypto to bypass sanctions
Alongside growing domestic holdings, Russia is seeing a surge in international crypto transactions. Anatoly Aksakov, chairman of the State Duma’s financial markets committee, revealed that crypto payments with foreign partners could reach 1 trillion rubles (over $12.7 billion) by the end of 2025. These transactions are being used to navigate Western sanctions and maintain global trade activity.
Crypto legal for trade, not for everyday use
Despite these advances, Russia maintains a firm stance on domestic crypto payments. Aksakov reiterated that cryptocurrencies are only permitted for cross-border trade under a tightly controlled legal regime. President Putin signed the framework into law in August 2024, enabling crypto use for imports and exports—but not within the local economy.
The ruble remains the only legal tender inside Russia, and using crypto as a substitute for fiat money is considered illegal under the country’s ban on “money surrogates.”
Regulators push restrictions despite rising interest
Russian authorities are doubling down on domestic restrictions. A June report by Forbes Russia revealed that the government plans to fine individuals and businesses using crypto for local payments—up to 200,000 rubles for citizens and 1 million for companies.
Meanwhile, the Bank of Russia is pressuring commercial banks to monitor crypto-related transfers more closely and restrict retail access. Only “qualified investors,” such as licensed professionals and wealthy individuals, are allowed to legally invest in digital assets.
Still, interest continues to climb. According to a central bank survey published in April, Russians have tripled their crypto investments over the past three years—a sign that public appetite remains strong, even as regulators tighten their grip.
Stay informed,
Rodcas Consulting Group