CandleFocus Select Group of Russian Firms Authorized to Use Crypto for Chinese Imports Amid Sanctions
2024-09-29
Author: Content Editor
A select group of Russian companies, including electronics producers and financial institutions, have been given permission to use cryptocurrencies for paying Chinese imports under a pilot legal framework. The initiative, overseen by Russia's central bank and the Ministry of Finance, aims to help firms handling dual-use products and facing challenges with international payments, particularly with China. The program allows for regulated cryptocurrency-based trade exchanges, but there are concerns about potential sanctions evasion and misuse of the system. Officials stress that the program should focus on activities and nations that have not sanctioned Russia to ensure its success.
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