Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Russian companies started conducting international transactions using bitcoin and other digital currencies, following legislative changes allowing such payments.

Russian companies are using bitcoin to evade Western sanctions, thanks to a new law, the country's Finance Minister Anton Siluanov confirmed in a television interview. Why it matters: Russia's economy has been hampered by difficulties in making and receiving international payments,

“As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia, in foreign trade transactions,” Russian Finance Minister Anton Siluanov said in an interview on the Russia 24 television channel.

Russia has begun using Bitcoin and other digital currencies for international trade. This move follows legislative changes aimed at countering Western sanctions. The shift aligns with US President Joe

Russia taps Bitcoin and cryptocurrencies for international trade, embracing digital assets to counter economic challenges posed by Western sanctions.

Russia legalizes Bitcoin for international payments to counter sanctions, and expanding its use for trade.

"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia [in foreign trade transactions]," Finance Minister Anton Siluanov told the Russia-24 TV channel. "Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year."

Russia is expanding the use of Bitcoin in foreign trade to bypass sanctions, as confirmed by Finance Minister Anton Siluanov.

The Russian government has been a historic opponent of bitcoin, banning its use for domestic payments, but has recently come to see the potential benefits of virtual currencies for evading U.S. and Western sanctions.

Ukraine has announced "sanctions and other solutions" to block Russia's unwanted cryptocurrency payments. Source: Vladyslav Vlasiuk, Advisor to the president of Ukraine and Commissioner for Sanctions Policy Details: Vlasiuk recalled that Russian companies started using Bitcoin and other digital currencies for international payments after changes in legislation allowed such transactions in order to counter Western sanctions.