Rosselkhozbank is considering cryptocurrency instruments as an alternative to traditional payment methods for the export of more than 49,5 million tons of grain.
This was stated by the bank’s first deputy general director Irina Zhachkina at the Russian Grain Forum in Sochi, which brought together 1000 participants.
We believe that cryptocurrencies can become a convenient alternative instrument, and we are currently considering, together with the Bank of Russia and all interested parties, the possibility of using cryptocurrency instruments for settlements in grain trading.
Since 2022, Rosselkhozbank has been under sanctions from the European Union and the United States, as a result of which the bank was excluded from the international payment system SWIFT, and its assets in the EU were frozen.
The sanctions also affected ships transporting Russian grain to other markets — according to the bank, more than 79 ships were banned from calling at European ports and being serviced there.
It is quite possible that cryptocurrencies will help to bypass the restrictions imposed at the payment level. Meanwhile, English-language media have long been writing about the use of stablecoins by Russian companies in international settlements.
