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Sberbank, Russia’s largest bank and lender, says it plans to offer crypto custody services, according to a Thursday announcement. Like the US, Russia’s central bank has begun to soften its stance on the crypto industry, and has begun using crypto products to circumvent sanctions against it for invading Ukraine. In evading these sanctions, crypto has become more popular in the region, and the country’s largest bank looks to capitalize on the attention surrounding cryptocurrency by offering custodial services. JUST IN: Russia's largest bank 'Sberbank' to offer crypto custody services. — Watcher.Guru (@WatcherGuru) July 17, 2025 Anatoly Pronin is the executive director of Sberbank’s alternative payment solutions division. Pronin said on Thursday that Sberbank had sent proposals to the central bank regarding the regulation and custody of crypto assets in the country, following the increasing number of banks elsewhere that are starting to provide custody servic...

The US pressed sanctions on Russia in February 2022 after they invaded and waged war on their neighboring country Ukraine. The sanctions were aimed at stalling Russia’s growth and bringing its overall economy and GDP down. Russia teamed up with the BRICS alliance and the bloc kick-started the de-dollarization agenda to counter the US sanctions. Also Read: BRICS: China Officially Launches Plan to Promote Its Own Payment System The BRICS bloc rewrote trade deals allowing Russia to send and accept local currencies for trade and cross-border transactions. China, India, and Saudi Arabia made use of the US sanctions and procured Russian oil and discounted prices. Saudi Arabia even brought Russian crude oil for a concession and laundered it all over Europe earning bigger profits. BRICS member India even saved $7 billion in foreign exchange by buying Russia’s crude oil at cheaper prices due to the sanctions. Therefore, the BRICS bloc mostly benefitted from the US sanctions saving an...

Two BRICS countries are closely working towards launching a common currency and sideline the US dollar for trade and transactions. Both the countries are sanctioned and re-sanctioned by the White House this year and their economy is reeling under pressure. Therefore, the duo are finding alternative solutions to keep their respective economy afloat and not go bust as sanctions hit. Also Read: BRICS: New Country Rejects Local Currency for Oil, Wants US Dollar BRICS: Russia & Iran Working Towards Launching a Currency to Sideline US Dollar Source: Breaking Defense Kazem Jalali, Iran’s Ambassador confirmed that the Islamic Republic is working closely with its BRICS counterpart Russia to create a new currency to end US dollar dependency. Jalali revealed that the creation of a new currency can uplift Russia and Iran’s economy avoiding reliance on the West. Also Read: BRICS Considers New Financial Options For Trade Settlements “The creation of a new single currency within the...

The US pressed sanctions on Iran and Russia severely affecting the economies of both countries. China has been their ally and regularly initiates trade deals to keep their economy afloat. From procuring oil to natural resources and minerals, the Communist country has provided a steady source of business worth billions. However, the sanctions are making it harder for Iran and Russia to lift their economies and their GDP is affected. Also Read: Jim Cramer Called XRP a Con, Here’s What a $1,000 Bet Then Is Worth Today US Sanctions Must End: Demands China, Russia, and Iran Source: cspforum China, Russia, and Iran held a trilateral meeting in Beijing and called for an end to US sanctions on Tehran. They called the White House’s order “illegal, unilateral sanctions” that have no place in modern times. “We conducted in-depth exchanges of views on the nuclear issue and the lifting of sanctions. We emphasized the necessity of ending all illegal unilateral sanctions,...

The US is considering toughening sanctions on Russia’s oil exports to weaken President Vladimir Putin and the country’s economy. The US could also impose sanctions on its tanker fleet that transports oil to other countries. The restrictive measures from the US could pose a challenge to Russia, which is keeping its economy afloat by selling oil at discounted prices. Also Read: BRICS: India Makes Huge Announcement on New Currency The Biden administration will squeeze the Russian economy just weeks before Donald Trump takes office, reported Bloomberg. The new measures are being worked out to target Russian oil, which will also affect other BRICS countries. BRICS members were buying oil for cheap due to the sanctions and in return helped its economy. BRICS member Russia has been steadily selling its crude oil at cheaper prices to China, India, Saudi Arabia, and other allies. Last year, Saudi Arabia laundered Russian oil all over Europe at marked-down prices. Even the alliance of...

Russia has imported more than $29 million in the US dollar and Euro currency from Rwanda this year. The confidential customs data reported by Vyorstka shows that the currency notes entered the country despite the US pressing sanctions. The White House sanctioned Russia in February 2022 for invading and waging war against its neighboring country Ukraine. Also Read: NATO Member Officially Applies to Join BRICS According to recent data, around $2.27 billion has entered Russia in the US dollar and Euro currency notes since February 2022. The currency notes entered Russia from countries such as Turkey and the United Arab Emirates (UAE), among others. These countries have not imposed any restrictions on Russia and continue to initiate business deals as usual. US Dollar and Euro Currency Enters Russia Worth $30 Million Source: Reuters / Jason Lee Vyorstka reported that Russia’s state-run arms exporter Rosoboronexport imported $29.21 million worth of $100 US dollar currency from Rwanda’s Defen...

Two major Russia n companies are using Tether (USDT) and other cryptocurrencies to settle cross-border transactions in China as sanctions tighten, Bloomberg reports. Executives from two top commodities trading firms producing metal in Russia told Bloomberg, on the condition of anonymity, that USDT is used in some of these transactions when dealing with mostly Chinese clients and suppliers. Sanctions imposed on Russia following the Ukraine war have made it harder for commodities firms, such as those trading steel and timber, to receive payments. In April 2024 the London Metal Exchange and Chicago Mercantile Exchange were banned from accepting metal exports from Russia following UK and US sanctions.   CEO of stablecoin infrastructure firm Reslov Labs, Ivan Kozlov, told Bloomberg, “In countries that are facing dollar liquidity issues and capital controls, cross-border settlements through cryptocurrencies and, specifically, dollar-linked stablecoins, are a relatively commo...

BRICS member Russia is pushing the de-dollarization initiative in Africa urging nations to trade in local currencies and not the US dollar. Russia’s President Vladimir Putin vigorously called for African countries to start using local currencies for trade, including the Russian Ruble. Also Read: 36 Countries Apply To Join BRICS Alliance in 2024 Putin explained that Russia is “ready to work” with Africa n countries to help them shift away from the US dollar. He added that BRICS can help Africa build its financial infrastructure by connecting its global banking system to local currencies. The Russia n President stressed that cross-border transactions without the US dollar are beneficial to Africa . BRICS Urges Africa To Use Local Currencies For Trade, Sideline US Dollar Source: AFP – Yonhap / koreatimes.co.k The BRICS alliance is convincing developing countries around the world to stop relying on the US dollar for trade. A handful of countries beli...

Core Scientific estimated that canceling the agreement with Celsius will provide $2 million in revenue per month as long as Bitcoin stays around $16,700. Bankrupt cryptocurrency lender Celsius Network agreed to let Bitcoin (BTC) miner Core Scientific shut off more than 37,000 mining rigs it had been hosting for Celsius during the miner’s Bankruptcy proceedings. Core Scientific filed a revised proposed order on Jan. 3 which incorporated “revisions acceptable to Celsius” noting “all Celsius rigs will be powered down effective January 3, 2023 and will not be restarted during the transition period.” Previously, Core Scientific accused Celsius of failing to pay its power bills on Oct. 19 citing the non-payment as a major factor leading to its liquidity issues after the Bitcoin miner filed for Chapter 11 bankruptcy on Dec. 21. On Dec. 28 Core Scientific filed a motion seeking approval to reject Celsius’ contracts claiming the firm's failure to pay its power bills constitutes a materia...