Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Russian companies are using bitcoin to evade Western sanctions, thanks to a new law, the country's Finance Minister Anton Siluanov confirmed in a television interview. Why it matters: Russia's economy has been hampered by difficulties in making and receiving international payments,

Russia has authorized Bitcoin for international payments, aiming to counter Western sanctions and enhance foreign trade transactions.

Russian companies have started using Bitcoin and other digital currencies for international payments. This shift follows legislative changes allowing such transactions to counter Western sanctions, reports Reuters,

Russia’s Finance Minister Anton Siluanov has announced that Russian companies have started using Bitcoin and other cryptos for international trade. “Such transactions are already occurring. We believe they should be expanded and developed further,