‘Really Stupid and a Huge Mistake:’ Putin Blasts US Actions Blocking Payments to China; Exporters Turn to Small Banks and Crypto

Putin Blasts US Actions for Blocking Payments; Exporters Turn to Small Banks and CryptoRussian President Vladimir Putin charged against the U.S. actions seeking to block Russian payments to China and other countries. During a two-day trip to China, the Russian leader emphasized that this strategy was “really stupid and a huge mistake,” considering that these actions affected the status of the U.S. dollar as a reserve currency. Russian […]

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Western Banks Face Major Asset Seizure in Russia Amid Gazprom Subsidiary Dispute

News Bytes - 5In a significant move against western banks, a St Petersburg court has seized over $763 million of assets from Unicredit, Deutsche Bank, and Commerzbank, following a dispute with a subsidiary of Gazprom. This seizure, one of the largest since Moscow’s invasion of Ukraine, includes $504 million of Unicredit’s assets, equivalent to about 4.5% of its […]

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Russia and Iran Collaborating on Single BRICS Currency, Iranian Ambassador Says

Russia and Iran Collaborating on Single BRICS Currency, Iranian Ambassador SaysRussia and Iran are collaborating on creating a single BRICS currency, the Iranian ambassador to Russia has claimed. He noted that over 60% of the two nations’ bilateral trade is conducted in Russian rubles and rials, reflecting a shift away from the U.S. dollar. Russia-Iran Trade Flourishes With National Currencies Iran and Russia are reportedly […]

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US Lawmakers Urge Treasury Action on Russian Crypto Exchange Sanctions Evasion

US Lawmakers Urge Treasury Action on Russian Crypto Exchange Sanctions EvasionU.S. Congressman Gabe Amo (D-RI), along with Congressmen Brad Sherman (D-CA) and Gerald E. Connolly (D-VA), sent a letter to U.S. Treasury Secretary Janet Yellen regarding the Moscow-based cryptocurrency exchange Garantex. They expressed concerns that Garantex is reportedly facilitating sanctions evasion and funding Russia’s invasion of Ukraine. The letter cited reports indicating that $20 billion […]

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IMF Official: Countries Are Reevaluating Their Reliance on the US Dollar

IMF Official: Some Countries Are Reevaluating Its Reliance on the US DollarFirst Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath recently revealed that some nations are reconsidering their reliance on the U.S. dollar. Gopinath explained that this originated in the recent shocks from the coronavirus pandemic, the geopolitical situation with Russia, and national security concerns. IMF Executive: Nations Examining Reliance on U.S. Dollar […]

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Russia to Enact a Ban on Domestic Operations Of Cryptocurrency Exchanges

Russia to Enact Blanket Ban on Cryptocurrency CirculationRussia is preparing to enact a ban on the organization of cryptocurrency exchanges in the country via the approval of a bill that regulates mining activities. According to statements made by Russian Duma Financial Market Chairman Anatoly Aksakov, digital financial assets like the digital ruble will be allowed to circulate. State Duma to Enact Ban […]

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Bank of Russia: Russians Transacted $51 Billion in Crypto During 2023

Bank of Russia: Russians Transacted $51 Billion in Crypto and Ether During 2023The Bank of Russia noted that Russian nationals transacted $51 billion (4.78 trillion rubles) in crypto during 2023. According to an annual report issued by the bank, its investigations found that volume flows equivalent to the number, especially in bitcoin and ether, were attributed to Russian nationals in large exchanges. Bank of Russia Reports High […]

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Russia Discusses Testing Digital Ruble for Budget Payments

Russia Discusses Testing Digital Ruble for Budget PaymentsThe Central Bank of Russia and the Russian treasury are considering testing using the Russian CBDC, the digital ruble, to complete budget settlements. The tests would involve using this CBDC to make payments to businesses and citizens and receiving payments from these in CBDC, to ensure the targeted use of these funds. Russian Digital Ruble […]

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Russia Introduces Bill to Apply Money Laundering Controls to Digital Ruble Transactions

Russia Introduces Bill to Apply Money Laundering Controls to Digital Ruble TransactionsA group of lawmakers in Russia introduced a bill that would extend money laundering controls to digital ruble transactions. The proposal, spearheaded by the Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov, establishes different responsibilities for platform participants and the Central Bank of Russia, which is appointed as the main AML […]

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Russia Regulates Use of Digital Assets for International Settlements

Russia Regulates Use of Digital Assets for International SettlementsRussia has integrated the use of digital assets as payment for international transactions in its legislation. President Vladimir Putin signed into law a document that describes using these assets as payment for international settlements, a use case not contemplated in any law, appointing the Central Bank of Russia as the overseer of these transactions. Russia […]

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