Russia Warns Crypto Investors of Foreign Stablecoin Freeze Risks
Russia's Ministry of Finance has issued a warning to crypto investors regarding foreign stablecoins like USDT and USDC. Deputy Finance Minister Ivan Chebeskov stated that if a foreign issuer freezes assets for reasons outside a Russian depository's control, the resulting loss will fall on the investor rather than the intermediary holding the asset.
The estimated value of Russia's crypto market is around 3.7 trillion rubles (~$44 billion), with approximately 20 million users and daily transaction volume reaching close to 50 billion rubles (~$595 million).
Under the newly adopted law, Russian digital depositories remain accountable for accurate recordkeeping, safe custody, proper transfers, and preventing unauthorized use of client assets. However, if a foreign issuer blocks a specific token for reasons tied to foreign law, the loss is not automatically the depository's responsibility to cover.
The goal of introducing testing requirements for people trading crypto assets with blocking exposure is to manage this risk. Qualified investors must demonstrate they understand the risks involved, while non-qualified investors face the same testing requirement plus a cap of 300,000 rubles per year through any single intermediary.