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The Russian Ministry of Finance is considering the use of cryptocurrencies in foreign settlements since the country's access to traditional payment channels is restricted, according to Ivan Chebeskov, head of the ministry's Financial Policy Department, as reported by the Interfax news agency.

Chebeskov disclosed that the Minfin is actively debating the use of digital money in barter transactions if it is recognized as property in the Russian Federation, speaking at a session held by the ruling United Russia party.

The issue merits attention, according to the source, because Russia's capacity to use standard payment infrastructure for settlements in its foreign commercial activities is limited. His remarks come as Russian officials prepare to pass a new law titled "On Digital Currency," which may legitimize cross-border payments and other crypto activities.

Russian Prime Minister Mikhail Mishustin previously suggested that the Russian government is considering switching to national currency settlements with "friendly countries." Interfax also claims Alexey Tsydenov, the President of the Russian Republic of Buryatia, as saying that Russia will soon provide Mongolia the choice of paying in rubles and tugriks.

Even before the latest invasion in February, Moscow had been dealing with mounting western sanctions over its military intervention in Ukraine, which have severely limited its access to global finance. As a result, Moscow has been looking for ways to replace US dollars and euros in international payments.

Sergey Katyrin, the President of the Russian Chamber of Commerce, suggested using cryptocurrencies in settlements with African countries in mid-April, and Pavel Zavalny, the head of the parliamentary Energy Committee, said in late March that Russia may accept bitcoin for its gas exports in the future.

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