Russia is engaging in discussions with Islamic countries to move away from the dominance of the US dollar and towards a more independent financial system. This move comes amidst the changing dynamics of global power and emerging trends, including de-dollarization and the formation of an independent financial system. The Deputy Prime Minister of Russia, Alexey Overchuk, also highlighted other important points, such as de-globalization, transfer of industrial production, and challenges related to energy and food security. These discussions could signal a significant realignment in international relations and demonstrate how rapidly geopolitical landscapes can change. Russia's move to partner with the Islamic world could be seen as a strategy to maintain economic stability amidst global upheaval.

Russia and Iran have been conducting an estimated 80% of their bilateral trade in their native currencies, the ruble and the rial respectively, which has reduced the influence of the USD in their economic relations.

Russia's State Duma is set to finalize the 'digital ruble' law in June, according to Anatoly Aksakov, chairman of the Duma's Financial Markets Committee.

The struggle for global supremacy between China, Russia, and the US, along with their G7 allies, is intensifying. Key summits are serving as critical arenas for these global power plays, with the G7 and EU leaders initiating a "battle of offers" against Beijing and Moscow to sway middle-ground countries. The West's renewed strategy involves a shift from primarily values-driven diplomacy to a more pragmatic approach, focusing on tangible offerings in trade and security to counter China's infrastructure investment and Russia's provision of weapons and nuclear-energy technology. As the world stage is set for an intense race for global dominance, it remains to be seen how this significant geopolitical competition will impact and shape the new world order.

Russia is seeing a surge in companies embracing cryptocurrencies, with the country's parliament actively working on legal frameworks for the industry. The State Duma is expected to pass four bills regulating various aspects of the crypto industry, including mining, cross-border payments, taxation of digital assets, and liability for illegal use. Despite the absence of comprehensive legislation, large Russian companies have already begun using cryptocurrencies for foreign trade settlements, and are eagerly awaiting the establishment of a legal framework to ensure the legitimacy and security of such transactions. With the adoption of these four bills, Russia is poised to become a key player in the global cryptocurrency market.

The IRS Criminal Investigation Division is collaborating with Ukrainian investigators to target Russian individuals who may be using cryptocurrencies to hide their assets following Russia's invasion of Ukraine. The agency is working closely with Chainalysis, a blockchain analytics firm, to provide specialized tools and training to Ukrainian law enforcement in tracing blockchain transactions. The IRS is sponsoring Ukrainian investigators' access to a Chainalysis tool designed to aid in crypto-related probes and has offered virtual and in-person training sessions on tracing blockchain transactions. This move is part of the IRS's efforts to combat the use of cryptocurrencies for financial frauds such as money laundering, market manipulation, and tax evasion.

On May 12, the South African currency hit a new all-time low of ZAR19.51:US$1 against the US dollar, following accusations by the US ambassador to South Africa that the country had secretly supplied weapons to Russia.

Russian analysts believe that increasing regulatory pressures, tax burden, and energy costs in countries such as the US and Kazakhstan could lead to a new great migration of crypto miners. Under such a scenario, Russia has what it takes to occupy up to 18% of the global Bitcoin hashrate, according to specialists from Intelion Data Systems. They predict that new restrictions on access to low-cost energy, the introduction of higher taxes, and rising electricity rates could lead to the relocation of up to 6% of the mining capacities of the US, Canada, and China, as well as about half of the miners from Kazakhstan. In this case, Russia's share in the global Bitcoin hashrate could rise to 18%. Currently, Russia accounts for nearly 4.7% of the global hashrate, ranking fifth among major mining destinations. (Bitcoin.com)

Binance has reportedly lifted restrictions on Russian citizens and residents, allowing them to deposit Russian rubles, euros, British pounds, and other currencies from bank cards issued in Russia. Last year, after the European Union imposed sanctions on Russia due to its attack on Ukraine, Binance announced that it would not support deposits from Visa and Mastercard cards issued in Russia, as well as any Visa and Mastercard deposits made from Russia.

Russia's Finance Minister, Anton Siluanov, has announced the launch of a new payment system that will allow the use of digital currencies in international payments with no restrictions. Siluanov stated that the system would be based on modern technologies, including digital financial assets and currencies like the digital ruble and digital yuan. He emphasized that the system would be free from any country's restrictions, and no other nation could freeze payments.