Russia Targets Pro-Western Crypto With New Fees and Limits

Russia Targets ‘Unfriendly’ Crypto Assets with New Fees and Safeguards

St. Petersburg, Russia – Moscow is developing a suite of measures, including fees, trading limits, and technical safeguards, specifically aimed at cryptocurrencies deemed “unfriendly,” Deputy Finance Minister Ivan Chebeskov announced on June 9. Speaking on the sidelines of the St. Petersburg International Economic Forum (SPIEF 2026), Chebeskov identified USDT, USDC, and BNB as prime targets.

Vladimir Chernov, an analyst at Freedom Global, estimates that transaction fees for broadly classified unfriendly assets could range from 0.5% to 2%, potentially escalating to as high as 3% for dollar-pegged stablecoins.

While the official justification for these measures is investor protection, the targeted assets share a common characteristic: their issuers—Tether, Circle, and Binance—are entities with Western ties. These companies have previously frozen wallets linked to sanctioned addresses, a move that appears to be a key consideration in Russia’s evolving regulatory framework.

Russia’s Central Bank First Deputy Governor Vladimir Chistyukhin confirmed that under the new Digital Currency and Digital Rights Law, non-qualified retail investors will be restricted to trading only BTC, ETH, and USDT from July 1, 2026. Other assets will be unavailable to ordinary investors.

Chebeskov elaborated on the proposed measures, stating, “These could include both technical protection measures and various economic incentives, commissions or recommendations, that would encourage citizens to own other assets.” This suggests a strategic intent to steer capital away from dollar-pegged instruments and towards ruble-based or BRICS-aligned alternatives.

The proposed measures are not yet law but are currently under negotiation ahead of the second reading of the State Duma bill titled ‘On Digital Currency and Digital Rights.’ The bill passed its first reading on April 21, 2026, by a vote of 327 to 13.

The initial reading established the foundational elements of the framework, including five license categories for crypto operators, broad supervisory powers for the Bank of Russia, a continued prohibition on domestic crypto payments, and an explicit allowance for cross-border crypto settlements. This latter provision is seen as a crucial mechanism for Russia to facilitate trade and circumvent sanctions.

The second reading is expected to be the most contentious phase, where specific details will be finalized. Anatoly Aksakov, Chairman of the Duma Financial Markets Committee, has highlighted the crypto market bill as a legislative priority, alongside the ‘Antifraud 2.0’ package. The aim is to complete the main framework by July 1, 2026, with enforcement rules to be operational by July 1, 2027.

The debate surrounding Russia’s crypto regulation is largely centered on this second reading, with the fee structure for unfriendly assets at the forefront. The term “unfriendly” carries significant legal weight in Russia, directly correlating with the government’s official list of countries that imposed sanctions following the 2022 invasion of Ukraine, a list that includes the United States, EU member states, and the United Kingdom.

Consequently, crypto assets issued or controlled by entities within these jurisdictions are classified as unfriendly. This classification explains why USDT (Tether, based in the British Virgin Islands), USDC (Circle, based in the US), and BNB (Binance, with substantial US regulatory exposure) are the primary assets facing scrutiny.