Russia’s central bank governor, Elvira Nabiullina, warned the Duma on Wednesday that “tectonic shifts” in global trade, spurred by U.S. tariffs and sanctions, are a major new risk.
According to Reuters’ report, during her annual report, she told lawmakers the changes are unfolding fast, making their impact on the global economy—and Russia—hard to predict. “This is a new significant risk that we must take into account,” Nabiullina said, acknowledging the uncertainty ahead.
Despite Western sanctions over Ukraine, she minimized their effect, noting they’ve mostly complicated cross-border payments but haven’t derailed Russian exports or imports. She added that Russia is adapting by developing alternative transaction channels, including digital financial assets and cryptocurrencies.
“Businesses are testing the use of digital financial assets, showing interest in cryptocurrency transactions within an experimental legal framework,” she explained, signaling a move toward innovative finance to counter isolation.
Separately, Dmitry Aristov, head of the Federal Bailiff Service (FSSP), revealed plans to monetize seized Bitcoins. Speaking to the Federation Council, he said the agency is working with partners to convert confiscated digital currencies into state revenue.
Aristov brought up a case where over 1,000 bitcoins were seized in a bribery probe—part of Russia’s broader push to turn confiscated digital assets into cash under growing economic strain.
All of this points to Russia trying to find its footing in a shaky global trade environment. With U.S. tariffs and sanctions piling up, the country’s turning to crypto and seized assets to stay in the game.
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