The Russian government is set to introduce fees and trading restrictions on cryptocurrencies issued by Western companies, aiming to redirect billions in annual trading volume to domestic platforms. Deputy Finance Minister Ivan Chebeskov announced that the upcoming cryptocurrency bill will include “economic incentives, such as commissions or recommendations” to discourage the use of tokens deemed “unfriendly” – those controlled by entities capable of freezing assets at the request of foreign authorities.
The bill, expected to pass the State Duma in June and take effect on July 1, 2026, will limit retail investors without qualified status to only three tokens: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Dollar-backed stablecoins like USDC and Binance’s BNB are excluded from the retail whitelist, viewed as higher-risk because their issuers (Circle, Binance) can freeze wallets at foreign request. Although USDT also carries freeze risk, Chebeskov noted that regulators were initially prepared to ban it entirely but relented under industry pressure, adding protective measures instead.
Analyst Vladimir Chernov estimates fees could range from 0.5%–2% for unfriendly tokens and up to 3% for unfriendly stablecoins, warning that excessively high costs might fuel illegal transactions. Additional measures include mandatory investor tests, annual transaction caps, withdrawal cool-down periods, and wallet transfer restrictions.
The stakes are significant: Russia received roughly $376 billion in crypto transactions between July 2024 and June 2025, the largest volume in Europe, according to Chainalysis. Legal expert Yuriy Brisov noted that Russian traders pay an estimated $15 billion annually in fees to overseas exchanges – revenue Moscow wants to capture through mandatory exchange licensing set for July 1. Foreign platforms without a local permit and office could be blocked at the DNS level by Roskomnadzor.
The bill differentiates retail and institutional investors. Retail investors face an annual cap of 300,000 rubles (~$4,080) and a narrow whitelist, while professionals retain broader access. Central Bank First Deputy Governor Vladimir Chistyukhin confirmed no immediate plans to expand the retail list beyond BTC, ETH, and USDT, prioritizing ruble-linked stablecoins.
The policy arrives amid tightening Western sanctions. Britain recently sanctioned HTX for alleged involvement in Russia’s “shadow financial systems,” and the US-sanctioned exchange Grinex suspended operations after a cyberattack. Russia’s domestic crypto investment market remains tiny at just 3.8 billion rubles (~$44 million), underscoring that its crypto significance lies in cross-border volume, not retail portfolios.
