Beginning in 2026, fines will be implemented in Russia for the use of cryptocurrencies as a means of payment. The new law, jointly developed with the Central Bank and the Ministry of Finance, includes asset confiscation provisions.
New Fines for Cryptocurrency Payments
From 2026 onwards, Russian citizens and businesses will face fines for conducting cryptocurrency transactions. According to Anatoly Aksakov, head of the Committee on Financial Markets, these fines will range from 100,000 to 200,000 rubles for individuals and from 700,000 to 1 million rubles for companies.
Legislation and Its Consequences
The proposed law, which will be reviewed in the fall, defines liability for violations related to digital currencies. In addition to fines, the legislation allows for the confiscation of illegally used cryptocurrencies. Previously, cryptocurrencies were recognized as property in criminal proceedings as a result of legislation enacted in 2021.
Use of Cryptocurrency in Russia
Despite the ban on cryptocurrency payments, Russian citizens continue to engage in transactions involving digital assets. Often, these transactions are linked to circumventing financial restrictions, and interest in crypto spending has surged since the onset of the Ukraine conflict. Additionally, there are many services and bots that enable cryptocurrency payment processing in Russia.
The impending fines for using cryptocurrencies raise questions about the future of digital currencies in Russia, sparking discussions about ways to navigate new legal norms.
