Russia Explores Crypto as Payment Option for Grain Exports

The Agricultural Bank of Russia is evaluating the use of cryptocurrency-based financial tools to facilitate payments for its substantial grain exports, which are projected to exceed 49.5 million tonnes. This initiative could mark a significant shift in how agricultural commodities are traded globally, potentially integrating digital assets into the mainstream agricultural market.

At the recent Russian Grain Forum in Sochi—which brought together around 1,000 industry participants—Irina Zhachkina, First Deputy CEO of the Agricultural Bank, confirmed that the bank, along with the Bank of Russia and other stakeholders, is actively assessing the feasibility of using cryptocurrencies in grain trade transactions.

Zhachkina noted:

“We see cryptocurrencies as a promising alternative for settlement. Discussions are ongoing with regulatory and financial institutions to evaluate this path for grain trade payments.”

Since 2022, the Agricultural Bank of Russia has been subject to U.S. and EU sanctions. These include being cut off from the SWIFT international payment system, asset freezes in Europe, and prohibitions on accessing financial services from European entities. As part of negotiations around a potential Black Sea corridor deal—which would secure transit for Ukrainian grain—Russia demanded the lifting of these sanctions.

Sanctions have also targeted the logistics side of grain exports. According to Russia’s central bank, over 79 vessels transporting Russian grain have been barred from docking at European ports or receiving support services.

Amid these tightening restrictions, the Agricultural Bank appears to be considering cryptocurrencies as a stable and sanction-resistant mechanism to maintain liquidity and facilitate international grain sales.

With exports forecasted at 49.5 million tonnes—42 million tonnes of which are wheat—Russia remains the world’s largest wheat producer. The proposed crypto adoption could not only ensure payment flows continue uninterrupted but also place Russia at the forefront of integrating digital assets into global agricultural trade.