Russia and Southeast Asia embrace local currencies
As a seismic shift echoes through the world of international commerce, Russia has initiated discussions on conducting trade with ten Southeast Asian nations through their respective national currencies. These nations are members of the Association of Southeast Asian Nations (ASEAN), comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This strategic maneuver […]
Sanctions on Russia devastate global trade, fuel inflation
As Russia reels from Western sanctions, the international commerce arena is grappling with the aftershocks. The punitive actions are reshaping global finance and igniting an inflation surge. This paradigm shift is reminiscent of the 2008 U.S. banking crisis, and according to experts, has started seeping into Europe’s financial landscape. The impact of sanctions on Russia […]
Financial disaster alert: Putin sounds alarm for Russia’s economy
Financial storm clouds are gathering over the global economy, according to Russia’s President, Vladimir Putin. His recent comments underscore his deep-seated concerns about the potential for an impending global economic crisis. The backbone of his apprehension is rooted in the unregulated debt accumulation by developed countries, which, he posits, is setting the stage for a […]
Russian military raises $20M through cryptocurrency in conflict with Ukraine
In the ongoing conflict between Ukraine and Russia, cryptography has emerged as a vital tool, with millions turning to digital currencies amid collapsing fiat currencies and the looming threat of bank runs. Recent research by Elliptic, a leading blockchain analytics firm, has shed light on the extent to which cryptocurrencies have played a role in […]
Iran and Russia forge crypto partnership, simplify currency trade
Cryptocurrencies and blockchain are transforming the financial landscape of the globe. At the forefront of this evolution, Iran and Russia have been delving into the possibilities that these technologies offer, keen on leveraging them to further their economic interests. Cryptocurrency and blockchain – A new frontier In the context of the 15th International Financial Industry […]
Russian Finance Minister reveals dollar attack secrets
Amidst the pulsating global economy, Russia’s Finance Minister Anton Siluanov shares insights into the steps taken to weather the perceived onslaught from the U.S. dollar. He gives an account of Russia’s strategy in maneuvering through the economic barriers set up due to the sanctions imposed by the U.S. government in response to the Russia-Ukraine conflict. […]
Russia embraces crypto amid international sanctions and rising cyber threats
With sanctions biting hard and cyberattacks causing havoc, Russia is increasingly turning towards cryptocurrency as an economic safety net. The rate of cryptocurrency use in the country rose to 14% in 2023, an increase of 4%, and quadruple the growth rate of the US, according to a recent survey by Statista. In contrast, the US […]
Russian man accused of accepting bribes in Bitcoin
The wheel of justice is slowly turning in one of the most significant corruption scandals in recent Russian history. Marat Tambiev, the former head of the Tverskoy district’s investigative department in Moscow, stands accused of accepting bribes amounting to nearly $24 million in Bitcoin, a first of its kind corruption case that is casting a […]
Russia claims the U.S. is using iPhones to spy
In an unforeseen development, the Federal Security Service (FSB) in Russia ignited a fresh diplomatic controversy by accusing the U.S. of deploying an advanced surveillance system that compromised thousands of iPhones. The FSB, a contemporary incarnation of the Soviet-era KGB, has emphasized that the alleged espionage operation targeted not just native Russians but also numerous […]
Russian Government advises against cryptocurrencies as savings option
Russian Ministry of Finance has cautioned citizens against using cryptocurrencies as savings. With the decline in interest for foreign fiat currencies due to imposed restrictions and Western sanctions, the official emphasized that high-risk assets like cryptocurrencies are unsuitable for most people’s savings and should primarily be considered by wealthier individuals. During the blockchain conference “Finance […]
South Africa’s pro-Russia stance faces sanctions threat
As the South African financial sector faces a crisis, the South African Reserve Bank (SARB) warns of impending threats due to perceived allegiances with Russia, which could lead to secondary sanctions and disrupt the nation’s financial stability. Concerns have been raised that South Africa’s position may jeopardize the global involvement of its financial institutions. South […]
Russia shifts focus to regulating private crypto trading platforms, abandoning national exchange plans
Russian lawmakers have decided to halt the development of a state-level cryptocurrency trading platform. However, this decision reverses the government’s previous plan to create a state-owned crypto exchange to bolster tax revenue. According to the local newspaper Izvestia, the Ministry of Finance opposed the idea of a national exchange and argued in favor of prioritizing […]
Russia calls U.S. national debt a global fraud
In a resounding critique, Vyacheslav Volodin, Chair of the Russian State Duma, has recently designated the U.S. national debt as a “global financial pyramid,” designed to deceive nations and their populace. The United States’ precarious capacity to service its debt, he argued, was swiftly transforming the American dollar into a hazardous asset. The “global financial […]
China, Russia, and Brazil discuss BRICS cooperation
In a series of high-level phone conversations, China’s President Xi Jinping, Russian President Vladimir Putin, and Brazilian President Luiz Inácio Lula da Silva have commenced discussions about their collaborative work within the BRICS bloc. BRICS – comprising Brazil, Russia, India, China, and South Africa – stands as a testament to the economic prowess of emerging […]
China and Russia hasten BRICS payments system plans
In an ambitious move indicative of evolving global finance, China and Russia are set to accelerate their development of a revolutionary payments infrastructure that will serve the economic partnership known as BRICS. The robust system is set to revamp international trade by integrating the nascent BRICS currency and streamlining cross-border transactions. New horizons in BRICS […]
Russian lawmakers propose game-changing amendments to digital ruble bill
As a result of recent hearings in the Russian parliament, members of parliament have suggested significant amendments to the regulations that regulate the digital ruble initiative in the nation. The activities of the debt, the services provided to non-residents, and the role of the central bank are the critical areas of attention in the proposed […]
Russian banks face prolonged SWIFT disconnection
In an unfolding scenario that further isolates Russia from the global banking system, the European Union (EU) has signaled it won’t be permitting Russian banks to re-establish links with the Society for Worldwide Interbank Financial Telecommunications (SWIFT) in the near future. Peter Stano, spokesperson for the EU’s external affairs, was unequivocal in his statement, clarifying […]
Russia is working on something that will replace SWIFT
The geopolitical landscape is evolving as Russia endeavors to develop an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, in an attempt to foster a resilient and independent financial architecture. This initiative is part of the country’s broader efforts to de-dollarize its economy, representing a significant shift in global economic mechanisms. Russia […]
Russia to collab with Islamic World for financial independence
Amidst the fluid dynamics of international politics and economics, Russia is charting new territories. Alexey Overchuk, the Deputy Prime Minister of Russia, revealed at the 14th international economic forum Russia – Islamic World: KazanForum that they are in conversation with Islamic countries about the shift away from dollar dominance and towards a more independent financial […]
Ukraine joins G7 in its fight against Russia and China
In an unprecedented move, Ukraine has partnered with the Group of Seven (G7) in its stand against Russia and China, marking a significant geopolitical shift. Spearheading this effort, Ukraine’s President Volodymyr Zelenskiy took center stage in Hiroshima, Japan, at the G7 summit this past weekend, intensifying efforts to rally international support against the ongoing conflict […]
Russia and Iran ditch USD in bilateral trade settlements
With an estimated 80% of bilateral trade conducted in native currencies, Russia and Iran have demonstrated their ability to minimize the influence of the USD in their economic relations. Highlighting this shift, Russia’s Deputy Prime Minister Alexander Novak recently conveyed the extent of this transformation to the press. Embracing native currencies, and beyond The shared […]
Russia’s crypto landscape sees major shift – What’s going on?
In a major departure from its traditional stance, Russia is shaping a new cryptocurrency landscape with a significant shift toward embracing the digital economy. The country’s tax authority is set to take the reins of this burgeoning sector, overseeing its operations and opening the gates for participants eager to explore the opportunities that cryptocurrencies offer. […]
G7 vs. China-Russia race for global dominance – Details
The world is witnessing an intensified struggle for supremacy as China, Russia, and the US, together with its G7 allies, vie for diplomatic traction and geopolitical influence. This contest plays out in strategic nations, with the upcoming high-profile summits serving as critical arenas for these global power plays. Shifting strategy in the global influence race […]
IRS aids Ukraine in tracking crypto transactions of Russian sanctions evaders
The IRS Criminal Investigation Division is intensifying its collaboration with overseas counterparts, particularly Ukrainian investigators, to target Russian individuals who may be using cryptocurrencies to conceal their assets in the wake of Russia’s invasion of Ukraine. The agency is working closely with Chainalysis, a leading blockchain analytics firm, to provide specialized tools and training to […]
Russian companies are going crazy for crypto
In the midst of an increasing global interest in cryptocurrencies, Russia has joined the fray with companies embracing digital assets at an unprecedented rate. With the country’s parliament actively working on the legal framework for cryptocurrencies, businesses are eagerly awaiting the green light to fully incorporate crypto transactions into their operations. The Russian authorities are […]
Russia poised to capture 18% of global Bitcoin hashrate amid crypto miner exodus
As regulatory pressures, tax burdens, and energy costs rise in countries like the U.S. and Kazakhstan, experts predict a significant migration of crypto miners to Russia. According to Russian analysts, the country could potentially capture up to 18% of the global Bitcoin hashrate under such circumstances. Russia’s appeal to crypto miners grows Crypto mining industry […]
Russia finds financial freedom in digital assets – How?
Russia’s digital financial assets (DFA) market has recently experienced a resurgence, with seven issues announced in April totaling approximately 1 billion rubles. While skeptics argue that only major players have access to DFAs and that the placements are more of a fashion statement than a legitimate financial instrument, optimists believe that significant DFA projects are […]
U.S. claps back at Russia for Kremlin drone attack blames
The U.S. government has firmly denied Russia’s allegations that Washington orchestrated a drone attack on the Kremlin, with the White House calling Moscow’s claim a lie. The situation remains unclear, and U.S. officials are still assessing the incident that Russia alleges was aimed at assassinating President Vladimir Putin. U.S. calls Russia’s claims baseless White House […]
Russia points finger at U.S. for Kremlin drone attack
Russia has accused the United States of orchestrating a drone attack on the Kremlin, which it alleges was an assassination attempt on President Vladimir Putin. During a press briefing, Kremlin spokesman Dmitry Peskov claimed that Russia is aware that the U.S. is selecting targets for Ukraine to execute, emphasizing Washington’s role in the incident. Despite […]
India-Russia bond tested by Moscow’s growing ties with China
India’s steadfast relationship with Russia is under pressure as Moscow’s growing ties with China raise national security concerns for New Delhi. While both India and Russia seek to deepen their economic ties, the changing geopolitical landscape is leading to increased scrutiny of their long-standing partnership. India’s concerns over Russia-China relations Despite India’s external affairs minister, […]
Russia keeps close watch on US economy amid debt default concerns
As discussions surrounding a potential U.S. debt default escalate, Russia is carefully observing the situation, according to Kremlin Spokesman Dmitry Peskov. Peskov noted that the U.S. and the global economy face challenges with high inflation expectations. “We see that the U.S. economy, just as the global economy, is currently experiencing certain problems. Inflation expectations continue […]
Russia turns to cryptocurrency for cross-border settlements amid sanctions—here’s why
At the “Banks. Transformation. Economy. 2.0” conference in Moscow, Russia’s Deputy Finance Minister, Alexey Moiseev, spoke about the potential use of cryptocurrencies in foreign trade activities currently hindered by Western sanctions. Moiseev revealed that the State Duma, Russia’s lower house of parliament, is considering a draft law to regulate the matter. Moiseev acknowledged the risks […]
Russia central bank maintains no interest rate hike
Russia’s Central Bank has opted to keep its key interest rate at 7.50% per annum amid moderate inflation and growing economic activity. Despite this, the bank has not ruled out a potential rate hike in the near future to stabilize inflation at 4% in 2024 and beyond. Inflation dynamics and economic growth In March, annual […]
Russian banks are replacing the US dollar with Chinese Yuan
Russian banks are experiencing a significant shift in deposit preferences as clients increasingly opt for the Chinese yuan over the US dollar and Euro. This change is primarily driven by the diminishing interest in foreign currency deposits and the growing appeal of the Chinese currency in Russia. The decline of dollar and euro deposits in […]
Russia and China increase trade settlements in local currencies, reducing US Dollar reliance
Russia’s Finance Minister, Anton Siluanov, has revealed that more than 70% of trade between China and Russia is now settled in their respective local currencies. This substantial shift comes as both nations seek alternatives to the US dollar for international trade. Just a year ago, only 30% of trade between the two countries was conducted […]
Bank of Russia’s digital Ruble to enable interactions with other CBDCs
The Bank of Russia has revealed that its digital Ruble platform is being designed to interact with other central bank digital currencies (CBDCs). Various mechanisms for facilitating communication between the digital ruble and other state-issued digital currencies are currently under development. Exploring options for CBDC collaboration Russia’s central bank officials shared with Russian lawmakers that […]
Russia in talks with Saudi about a potential BRICS collab
Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud engaged in discussions regarding the potential collaboration between Saudi Arabia and the BRICS nations on Friday. The leaders also expressed satisfaction with the current level of coordination within OPEC Plus, which aims to ensure global oil market stability. Russia’s strengthening bilateral […]
De-dollarization: Bangladesh chooses Chinese Yuan for Russia nuclear plant loan payment
In a notable instance of de-dollarization among the BRICS nations, Bangladesh will pay for a nuclear plant loan to Russia using the Chinese Yuan. The country is slated to pay approximately $318 million worth of Yuan for this loan payment. Due to Western sanctions on Russia, Bangladesh could not pay in US dollars. This development […]
Russia to create special institutions to mine crypto
As the prominence of BRICS nations grows, Russia is reportedly developing specialized institutions to mine and transfer cryptocurrencies across borders. The country has expressed its intention to create a “special organization” that will use digital assets for international business transactions. Cryptopolitan reported that the Central Bank of Russia is currently working on a draft law […]
Central Bank of Russia prepares draft law to explore cryptocurrencies for international settlements: Report
As countries across the globe reevaluate their chosen currencies for international transactions, two distinct trends have emerged. While some nations are working to diminish the influence of the U.S. dollar in trade, others are embracing the potential of cryptocurrencies for settling global payments. In a notable development, Russia is taking significant steps toward the latter […]
