Russian Banks Consider Crypto Payments for Grain Exports Amid Sanctions

Russian Agricultural Bank (RSHB) has proposed accepting cryptocurrency payments for the country’s grain exports, including wheat, as an alternative settlement method. The suggestion was made during the Russian Grain Forum in Sochi, where industry leaders discussed ways to streamline trade amid ongoing sanctions.

First Deputy Chair Irina Zhachkina emphasized the potential of digital assets in facilitating grain trade settlements, noting collaboration with the Bank of Russia to explore crypto-based solutions. The MOVE could help mitigate logistics costs, particularly for niche crops with smaller volumes but growing margins.

Russia remains a dominant player in global grain markets despite restrictions tied to its invasion of Ukraine. The exploration of crypto payments underscores the growing institutional adoption of digital assets as a tool for circumventing traditional financial barriers.