Russia will launch cross-border crypto payments before end-2024

A Russian state flag flies over the Central Bank headquarters in Moscow, Russia, August 15, 2023. A sign reads: "Bank of Russia". REUTERS/Shamil Zhumatov/ File Photo

MOSCOW (Reuters) -Russia will carry out its first international payments in cryptocurrencies before the end of this year in order to overcome difficulties created by Western sanctions, the central bank's governor, Elvira Nabiullina, said on Tuesday.

Russia has faced significant delays in international payments with major trading partners after local banks, under pressure from Western regulators, became more cautious when dealing with their Russian counterparts.