PANews reported on April 11 that according to Cryptonews, Russian logistics company ETE Group requested Prime Minister Mikhail Mishustin to allow domestic enterprises to use cryptocurrency for payments in overseas trade. ETE called for establishing a regulatory framework for settling with foreign suppliers in digital currency and hoped the government would modify relevant laws, including the Russian Civil Code, Tax Code, and foreign exchange control laws. ETE noted that interest in foreign cryptocurrency payments in the business sector grew by 40% in 2024, but the lack of a regulatory framework poses risks. The company believes cryptocurrency payments can help resolve foreign payment issues.
ETE also mentioned that sanctions against Russian financial institutions have hindered settlements with foreign suppliers, and payments between Russian enterprises and those in countries like China and Kazakhstan often face delays, with these delays extending as new sanctions are introduced. Russian law stipulates that cryptocurrency cannot be used to pay for goods, with the ruble being the only official currency.
