New Rules for Foreign Transactions through Cryptocurrency Introduced for Russian Businesses

Russian companies are transitioning to a new legal regime for foreign transactions using digital assets. Businesses have been given time to adapt to the requirements of Federal Law 282-FZ "On Foreign Trade," with a full transition expected to be completed by July 1, 2027. The volume of cryptocurrency transactions in Russia has reached $376.3 billion, which may account for up to half of the country's total foreign economic turnover. Transactions are often conducted through ruble accounts in banks from friendly jurisdictions such as Belarus and Kyrgyzstan, allowing costs to be reduced to 0.3%. The new law creates a formal infrastructure for the digital asset market, distinguishing five types of professional participants: digital depositories, brokers, management companies, trade organizers, and exchanges. The main change concerns the storage of cryptocurrency: using personal wallets without a depository becomes illegal. Companies can continue to purchase digital assets directly but must revise the terms of foreign trade contracts. Contracts must specify the exact name of the cryptocurrency, who pays the network fees, the methodology for calculating the exchange rate, and the timing of the fulfillment of obligations. The first licensed digital depositories and crypto exchanges in Russia are set to begin operations in early October 2026.

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