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Russia may be preparing to use cryptocurrency for settling grain exports, as sanctions continue to restrict access to traditional financial systems. The Agricultural Bank of Russia is exploring crypto-based tools as an alternative to conventional payment routes.
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The idea came up during the Russian Grain Forum in Sochi, where over 1,000 participants gathered to discuss the country’s export outlook. Irina Zhachkina, First Deputy CEO of the Agricultural Bank of Russia, said the institution is working with the central bank and other stakeholders to examine crypto as a settlement option in grain trading.
“We believe cryptocurrencies can be a convenient alternative instrument,” she said. Talks are ongoing to determine how these tools might fit within Russia’s evolving strategy for agricultural exports.
Sanctions have isolated the Agricultural Bank of Russia from global finance. Since 2022, it has been removed from the SWIFT network and barred from accessing EU financial services. That has made dollar- or euro-based settlements increasingly difficult, especially for key exports like grain and wheat.
The central bank has also noted that dozens of vessels carrying Russian grain have been blacklisted from European ports, adding further pressure on exporters to find new payment channels.
By considering digital assets, the bank may be preparing for further restrictions. Crypto could offer a workaround to maintain grain trade liquidity, especially if the 49.5 million tonnes forecast is realized. That total includes 42 million tonnes of wheat, an area where Russia remains the top global producer.
If adopted, crypto payments could expand digital asset use into the agricultural commodities space. Russia may also become one of the first major players to accept crypto for food exports at this scale.