Russia Warns Investors May Bear Losses From Frozen Foreign Stablecoins

Russia's Deputy Finance Minister Ivan Chebeskov warned investors that they would bear losses if foreign stablecoins, such as USDT and USDC, are frozen. The country estimates that crypto users hold around RUB 3.7 trillion ($44 billion) in digital assets, with a daily transaction volume of roughly RUB 50 billion ($595 million).

Chebeskov emphasized that investors would not be compensated by Russian depositories if the freeze results from action taken by a foreign issuer beyond those depositories' control.

The comments come as Russia continues to develop rules governing digital assets and their use by domestic residents. The government's approach includes greater visibility over cryptocurrency activity conducted beyond regulated channels.

As part of this effort, Russian tax residents will be required to report cryptocurrency transactions conducted outside the country's regulated framework to the Federal Tax Service.