Russia Proposes Heavy Fines and Asset Seizures for Domestic Crypto Payments

Russian authorities are escalating their crackdown on cryptocurrency payments within the country. A new draft bill, jointly submitted by the Ministry of Finance and the Central Bank, introduces severe penalties for using digital assets in local transactions. Individuals face fines up to 200,000 rubles, while companies could be penalized up to 1 million rubles (approximately $12,500).

The legislation formalizes existing restrictions and reinforces the state’s stance against crypto payments. Andrei Medvedev, the Central Bank’s legal director, emphasized that the bill provides an enforcement framework, though current laws already discourage such activities. Beyond financial penalties, the proposed measures include asset seizures, marking a significant hardening of Russia’s crypto policy.