Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions

Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions

Both facing sanctions, Russia and Cuba are looking into alternative options for cross-border payments, including cryptocurrencies, a Kremlin advisor has unveiled in Havana. Moscow is already developing a mechanism for crypto settlements to circumvent financial restrictions imposed over its invasion of Ukraine.

Crypto and Ruble Considered for Payments in Trade Between Russia and Cuba

The governments of Russia and Cuba are considering the use of Russian rubles and cryptocurrencies to facilitate bilateral cooperation against the backdrop of sanctions imposed on both nations. The news comes from a statement made by Boris Titov, commissioner for entrepreneurs’ rights under the Russian president, who visited Havana. Russia’s business ombudsman arrived in the Cuban capital during the 38th edition of the Havana International Fair.

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