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Russian lawmakers approve use of digital assets in international transactions

ReutersReuters · 8m
Russian lawmakers approve use of digital assets in international transactions

Russian lawmakers have passed draft legislation allowing digital financial assets (DFAs) to be used in international settlements, potentially shielding cross-border money flows from international scrutiny. The move comes amid threats from the West, particularly the United States, to impose secondary sanctions on banks facilitating trade with Russia. The legislation aims to bypass the traditional banking system in transactions, reducing external influence. Approval is still required from Russia's upper house of parliament and President Vladimir Putin before it becomes law. Both Turkey and China have experienced disruptions in payments due to threats of sanctions for conducting business with Russia.

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