Russia’s embrace of cryptocurrency for international trade may be quietly reshaping its financial landscape, according to a prominent Russian economist. Professor Oleg Vyugin is a former chairman of the Moscow Exchange and ex-head of the Federal Financial Markets Service. He believes that Moscow’s increasing use of cryptocurrency for cross-border settlements could be a major factor behind the recent stabilisation of the ruble.
Crypto Settlements Reducing Dollar Dependency
Speaking at an investment and trading conference, Vyugin pointed to the shift in foreign trade transactions, particularly with countries like China. He noted that Russian firms are reportedly using cryptocurrency to settle deals without involving traditional fiat currencies such as the U.S. dollar or euro.
“We have information that Russia uses cryptocurrency in settlements with China. That means there is no demand for dollars,” Vyugin stated. “The dollar is not needed to carry out these settlements.”
The trend, he explained, is likely contributing to a broader de-dollarisation effort in the country. By using crypto in international trade, Russian companies can bypass Western-controlled financial systems and avoid currency-related risks brought on by sanctions and currency volatility.
Crypto May Also Be Affecting Yuan Demand
Vyugin’s remarks also hinted at a decline in demand for the Chinese yuan. According to data from the Moscow Exchange, the value of the yuan has dropped significantly. It has fallen by 22.4% since November 2024, from 14.5 rubles to around 11.25 rubles by mid-April 2025.
The U.S. dollar, too, has seen a drop in exchange value on the Russian market, declining from 109.58 rubles to 84 rubles in the same period. The decline aligns with the timeline during which Russian firms are believed to have ramped up their use of crypto for trade.
Central Bank Resistance and Industry Pressure
Despite growing adoption, Russia’s Central Bank remains firmly against legalising the widespread use of cryptocurrencies. It continues to restrict crypto transactions to a tightly controlled “crypto sandbox” designed for testing cross-border payments in a regulated environment.
However, pressure from within the Russian business community is mounting. Major firms, including a key logistics company, have openly called for legalising cryptocurrency use in international settlements. They argue that crypto offers a practical solution in the face of ongoing Western sanctions and limited access to global banking systems.
Quiet Transformation in Trade Finance?
Although Vyugin admits that his theory is still speculative, the correlation between crypto settlements and ruble stability cannot be ignored. As more Russian companies adopt crypto for trade, the reliance on traditional fiat currencies is decreasing. The reduced dependence could signal a larger financial shift that may redefine Russia’s approach to global commerce in the years to come.
Stay informed,
Rodcas Consulting Group