Russia's central bank told businesses they should use "multiple choice solutions" including cryptocurrencies and other digital assets to facilitate payments with foreign partners to counter Western sanctions imposed over the Ukraine conflict. Russia’s booming trade with China, India, the United Arab Emirates, Turkey and other countries which have not imposed sanctions has suffered major setbacks in the last few weeks. Recent Western sanctions have targeted major Russian financial institutions, including the Moscow Stock Exchange and Russia's domestic alternative to the SWIFT global payments system.
