Russian companies are using Bitcoin and other cryptocurrencies for international trade to bypass Western sanctions, Finance Minister Anton Siluanov confirmed on Wednesday. 

Under a new experimental legal framework introduced last month, Russian entities can mine and use cryptocurrencies like Bitcoin for foreign trade transactions. Siluanov stated that such transactions are already taking place and are expected to grow in 2024.

President Vladimir Putin recently criticized the U.S. dollar’s dominance in global trade, promoting Bitcoin as an alternative reserve asset. He highlighted Bitcoin’s decentralized nature, which prevents any single country from controlling it.

Despite supporting crypto in trade, Russia announced earlier this week that it plans to ban Bitcoin mining in 10 regions starting January 1, 2025, due to energy shortages. The ban, which will last until 2031, will affect both individual miners and mining pools. 

Bitcoin is trading at $98,505 as of press time.