The EU moved in February to ban all crypto transactions with Russian entities
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Putin signed Russia's crypto mining law in August 2024, making Russia the world's second Bitcoin producer after the United States according to the Hashrate Index, 2026.
Key facts
- Regular investors—people without professional credentials—face an annual purchase cap of 300,000 rubles (about $3,800) through a single licensed intermediary
- Putin signed Russia's crypto mining law in August 2024, making Russia the world's second Bitcoin producer after the United States according to the Hashrate Index, 2026
- Russia has been under Western sanctions since 2014, with far steeper penalties following its 2022 invasion of Ukraine
- Unlicensed platforms face a full ban starting July 1, 2027
Summary
The State Duma's second and third readings of a pending crypto bill are scheduled for July 21; if approved, the law takes effect September 1. The bill explicitly permits crypto only for international trade, giving Russian companies a legal mechanism to route payments outside Western banking channels. Russia's State Duma, the lower house of its legislative body, takes its final two votes on the country's first comprehensive cryptocurrency law on Tuesday. The bill—titled " On Digital Currency and Digital Rights "—still needs Senate approval and Russian President Vladimir Putin's signature after that, a process Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, expects to take another two weeks. The original target was July 1, but the delay came from coordination bottlenecks between government agencies, per reports by the Russian outlet Kommersant.