In the face of Western financial exclusion following its invasion of Ukraine, Russia is reportedly setting up "special authorized organizations" through which cryptocurrency mining and settlements with foreign economic entities can take place, according to the head of the Bank of Russia, Elvira Nabiullina.

While the Russian authorities have been against the use of crypto assets domestically, they seem willing to ease up their stance for external transfers. The planned organizations will carry out crypto mining and settlements with foreign entities, with discussions currently underway on their sphere of activity and which banks they will serve.