Digital Currencies in Foreign Trade: REC Reshapes Russia’s Export Infrastructure
Russia’s export ecosystem is shifting toward digital payments as global finance fragments and alternative cross‑border settlement tools gain momentum
Traditional Tools Meet Digital Innovation
Amid sanctions pressure and the fragmentation of global financial systems, the Russian Export Center (REC) is increasingly betting on digital technologies for international settlements. The organization announced its push for “alternative payment solutions,” including potential use of digital currencies, at the 2025 Russia–Thailand Investment Forum held in Phuket.
REC continues to rely on traditional instruments—loans, letters of credit, guarantees, and factoring—but now augments them with digital capabilities. This hybrid model maintains stability in current operations while enabling the testing and adoption of innovative financial tools.
In 2023, REC support reached roughly 24,000 companies; in 2024 that figure rose to about 40,000, reflecting strong business engagement with the state’s export‑support mechanisms.
One such tool is a payment‑platform marketplace developed with REC’s participation. It allows Russian exporters to choose from various settlement methods while ensuring the security of financial transactions. This new architecture is especially important for non‑commodity exports—engineering, metallurgy, chemicals, and agriculture—where long production cycles demand flexible settlement frameworks.
Digital Ruble and Cryptocurrency Experiments
The emphasis is not just on replacing the dollar or euro, but on modernizing the settlement mechanisms themselves through digital technologies and, eventually, digital currencies. According to the IMF, 134 countries—representing 98 percent of global GDP—are using, testing, or researching national digital currencies.
Russia began introducing the digital ruble into certain federal‑level budget operations this year. At the same time, the country is moving toward legalizing crypto‑based foreign‑trade settlements. As of September 1, 2024, the use of cryptoassets for external trade is legally permitted under experimental regulatory regimes.
These operations are already taking place. In October, Finance Minister Anton Siluanov confirmed: “Payments for imports are being conducted using the crypto market and crypto‑settlements.”
Synchronizing International Efforts
REC’s steps align with a global trend that has accelerated since 2022: the use of national currencies in cross‑border trade, especially the ruble and yuan. Digital payments—particularly those built on blockchain or national CBDCs—could become the next stage of this evolution, supporting both monetary sovereignty and economic efficiency.
Countries such as Thailand, Indonesia, and Vietnam are actively exploring their own CBDCs. Coordinating these efforts with Russia could lead to regional settlement bridges independent of Western financial infrastructure. Achieving this, however, requires regulatory alignment and robust technical systems.
Opening Doors to New Markets
Over the next five years, alternative payment mechanisms are expected to become a core component of Russia’s export infrastructure. Pilot projects with countries already equipped with national digital or crypto‑settlement tools are likely.
Demand for domestic fintech platforms—especially B2B systems designed for international trade—will also rise. For the Russian economy, this shift will boost the competitiveness of non‑commodity exports by reducing transaction costs and accelerating cash‑flow cycles.
For businesses, digital payments open new pathways into Asian, African, and Latin American markets without relying on Western financial intermediaries.
