#Write2Earn Russia Considers Crypto for Settling Grain Exports

The Agricultural Bank of Russia is considering crypto-based tools as an alternative to traditional settlement methods for exporting over 49.5 million tonnes of grain. This measure could open the agricultural commodities market to digital assets, pioneering this use case.

Russia Mulls Crypto Settlements for Grain Exports

Russia is increasingly open to crypto adoption. The Russian Agricultural Bank, a state-owned institution that provides credit to agricultural companies, has indicated the potential use of crypto for grain settlements.

During the Russian Grain Forum, which attracted 1,000 participants in Sochi, the bank’s First Deputy CEO, Irina Zhachkina, mentioned this possibility.

The Russian Agricultural Bank has been the subject of European Union (EU) and U.S. sanctions since 2022. These included the exclusion of the bank from the SWIFT international payment network, a freeze on all its assets in the EU, and a ban on obtaining financial services from European institutions. Lifting of all these sanctions was one of the requirements of the Russian government to finalize a proposed Black Sea deal, which would allow Ukrainian grain safe passage across joint territories.