Opinion: Russian companies may use cryptocurrencies to circumvent sanctions

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Cryptocurrencies can help circumvent payments and settlement sanctions. This opinion is shared by the head of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin, writes the PRIME agency. At a meeting in the State Duma, he said that the authorities, perhaps, should not “be very afraid of cryptocurrencies.”


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“… For many companies under sanctions regimes, the use of cryptocurrencies is, perhaps, a natural way to bypass the corresponding restrictions,” Shokhin said.


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However, it is not known whether the Duma will consider Shokhin’s proposal and what cryptocurrencies can generally be used for this. The proposal of the head of the Russian Union of Industrialists and Entrepreneurs came after the Minister for Integration and Macroeconomics of the Eurasian Economic Commission Sergei Glazyev proposed using digital currencies between the EAEU countries.

According to Glazyev, Russia has already built a “legal basis for relations” for such innovations. Given the fact that the EAEU countries are gradually moving away from settlements in dollars, digital currencies can become an alternative, he said.

Alan Lushnikov, the owner of the Kalashnikov concern, also said earlier that “digital currencies” will help avoid pressure from banks and SWIFT. According to him, the concern is waiting for the transition of the banking system to a non-bank settlement system.

Meanwhile, Dmitry Peskov, the special representative of the President of the Russian Federation for digital development, is waiting for the replacement of the dollar through digital currencies. According to his calculations, this could happen as early as 2041. However, Peskov admitted that this would be possible only with the “agreement of a large number of countries.” Now the level of trust in the world is “too low,” he added.

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