Russian Giant Rostec Plans International Commerce Via Crypto

EU Issues Fresh Sanction on Russia Including Crypto Services
  • The major aim will be to reduce the harmful impact of sanctions.
  • Proposals to legitimize the use of digital financial assets in negotiations.

Rostec, Russia’s biggest industrial and technological corporation, is getting ready to launch a project to include cryptocurrencies in international commerce. The major aim will be to reduce the harmful impact of sanctions on the operations of Russian importers and exporters that are encountering rising pressure.

Western financial sanctions placed on Russia as a result of Moscow’s military action in Ukraine had a significant impact on the Russian economy, particularly on its international trade activities. Proposals to legitimize the use of digital financial assets in negotiations with partners, including cryptocurrencies, stablecoins and the impending digital ruble, have been gathering favor among authorities.

Crypto Adoption on the Verge

Anna Sharipova, Rostec’s Managing Director for National Projects, said last week at the Eastern Economic Forum’s “Digital Finance: New Ways of Development” conference that the company is considering experimenting with digital assets as a way of payment for imports and exports. Russky Island, located off the coast of Vladivostok, will host trials under the experimental legal system for electronic trading.

According to a high-ranking executive, the market is now very interested in incorporating cryptocurrencies. Moreover, into international commercial connections, as reported by crypto news portal Bits.media. Suppliers and customers, who are physically separated by borders as a result of the sanctions. Are seeking innovative and efficient settlement solutions to help them work around the constraints. Rostec specialists are presently working with project backers in the market and local officials to refine the project’s launch plan. The war in Ukraine does not seem to stop any soon, as neither parties are willing to give up.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.