russia

According to Jinshi reports, Russian President Putin stated that the "theft" of Russian assets has affected the US dollar and the euro.

British teenager Alexander Browder stated that he has been placed on a sanctions list by the Russian Ministry of Foreign Affairs and banned from entering the country for writing a report exposing a cryptocurrency money laundering network supported by Russia.The report indicates that countries such as Russia, Iran, and North Korea launder approximately $350 billion, with a ruble stablecoin named A7A5 being one of the main issues facing Western anti-money laundering efforts. The UK Foreign Office stated that Russia uses tokens like A7A5 to evade Western sanctions and fund its military. The UK government imposed sanctions on individuals related to this network in May, which transferred over $90 billion last year. Alexander Browder expressed pride in being the first high school student globally to be sanctioned by an authoritarian regime for exposing corruption.

The Deputy Minister of Finance of Russia, Ivan Chebeskov, stated that he does not wish to allow dollar-denominated stablecoins to circulate in the Russian market. Chebeskov pointed out that foreign stablecoin issuers such as USDT and USDC have the ability to freeze users' wallet assets. Once the relevant wallets engage in transactions with platforms licensed by the Central Bank of Russia, the risk of asset freezing for holders will significantly increase.He revealed that there have already been cases where dollar stablecoins held by Russian legal entities were frozen by the issuers, while Bitcoin and Ethereum have not encountered similar situations due to the lack of relevant technical means. The Russian Ministry of Finance believes it is necessary to establish a regulatory framework specifically for stablecoins and to prioritize the development of stablecoins pegged to the ruble and the currencies of friendly countries, while also granting the Central Bank of Russia the authority to adjust the list of relevant assets.

According to the "Financial Stability Review" published by the Central Bank of Russia, Russian private investors currently hold approximately 3.8 billion rubles in cryptocurrency-linked financial instruments, which is nearly unchanged from 3.7 billion rubles six months ago, indicating a stagnation in market interest. Among them, 1.7 billion rubles have flowed into crypto-linked corporate bonds, with 5,600 investors holding a total of 1.7 billion rubles in crypto futures positions, and about 3,800 people investing 354 million rubles in digital financial assets linked to Bitcoin and Ethereum. The main issuers are large banks such as Sber and VTB.At the same time, the Moscow Exchange has successively launched Bitcoin and Ethereum futures and related ETFs, and will add Solana, Ripple, and Tron futures varieties in May 2026.

According to Bits.media, a large illegal cryptocurrency mining operation was discovered in the city of Nizhny Tagil in Sverdlovsk Oblast, Russia, and the nearby city of Kushva. The mining operation was hidden in an abandoned industrial park and deployed about 10,000 mining machines, which were dismantled by a joint operation of the Federal Security Service of the Russian Federation, the police, and the power company.Local power companies estimate that the losses caused by the long-term illegal electricity usage of this mining operation amount to nearly 1 billion rubles (approximately 12.7 million USD). Investigators stated that its electricity consumption was sufficient to meet the lighting needs of a small city. Law enforcement has arrested three suspects, who are currently under house arrest and are being investigated for "causing property damage through deception or abuse of trust." Under Russian law, those involved could face up to 5 years in prison.Investigations revealed that the operators of the mining site accessed the power grid through intermediaries and allegedly tampered with electricity meter data to cover up the actual electricity usage. Law enforcement agencies stated that the actual electricity consumption of the mining operation was about twice the approved quota. The local energy department initially launched an investigation due to frequent voltage fluctuations, power outages, and equipment failures in the abandoned factory area, ultimately pinpointing the location of the mining operation. A local television station also produced a documentary titled "Mining" to document this operation.

According to TASS, the Deputy Minister of Energy of Russia stated that the government committee recommends banning cryptocurrency mining in certain areas of the Moscow and Kursk regions, with the ban effective until 2032.

According to CoinDesk, the UK has imposed sanctions on 18 entities and individuals accused of assisting Russia in evading Western restrictions and funding its war in Ukraine, including the cryptocurrency exchange Huobi Global S.A. (operator of HTX) and the stablecoin issuer Open Joint Stock Company "Virtual Asset Issuer."This is the first time the UK has applied Regulation 17A, which targets sanctioned banks, to cryptocurrency exchanges, requiring UK financial institutions and cryptocurrency service providers to freeze relevant funds, track on-chain transactions, and not maintain agency relationships or process payments related to sanctioned entities. The sanctions primarily target the A7 payment network.According to the official announcement from Huobi HTX, the sanctioned "Huobi Global S.A." and the online Huobi HTX exchange are independent entities, and this sanction will not affect the online Huobi HTX exchange. Currently, Huobi HTX's global operations are normal, and user funds are safe and secure.

According to Jinshi reports, the latest sanctions imposed by the UK on Russia target the cryptocurrency networks used to evade UK sanctions.

According to Bits Media, the Russian government has expanded the scope of information that miners and mining infrastructure operators must submit to the tax authorities. Under the new regulations, the national registry of miners and operators must include network address data for equipment used in cryptocurrency mining (ASIC miners). The Russian Ministry of Finance stated that this move aims to simplify the regulation of digital asset transactions and the investigation of violations. Additionally, grid operators will be able to more accurately monitor the infrastructure load in areas with a high concentration of mining capacity.According to the law, government agencies, courts, the Bank of Russia, and grid operators can access the information in the miners' registry. The Federal Tax Service is responsible for maintaining the registry of miners and mining infrastructure operators. Under current law, miners and infrastructure operators (such as mining pools) must submit and regularly update the following information: for mining equipment, details such as manufacturer, model, serial number, algorithm, hash rate, power consumption, and operating mode. Regarding mining: the amount and type of cryptocurrency mined, mining pools, and links to online statistics.

According to Bits.media, Ivan Chebeskov, the Deputy Minister of Finance of Russia, stated that the final version of the government's cryptocurrency market regulation bill will retain the ban on transfers from Russian custodial wallets to non-custodial foreign wallets. More lenient conditions will only apply to participants in foreign trade activities, namely importers. Chebeskov mentioned that after the law comes into effect, the effectiveness of the new regulatory system will be analyzed, and in the future, the use of non-custodial wallets may be allowed in an experimental mode. The final version of the bill will be ready next week, and the Deputy Minister hopes it can be passed before the end of the State Duma's spring session.Previously, the Duma's Financial Market Committee opposed the central bank's stance on banning transfers to non-custodial wallets and proposed providing judicial protection for all cryptocurrency asset holders. The bill was passed in the first reading on April 21, stipulating that starting July 1, Russians and companies can only purchase digital assets through licensed intermediaries, and access to foreign cryptocurrency platforms must go through a list approved by the central bank, prohibiting access to exchanges that impose sanctions on Russia.

According to TASS, the Russian Ministry of Finance and the Central Bank of Russia plan to finalize the draft law for cryptocurrency market regulation next week and submit it to the State Duma for a second reading.Deputy Minister of Finance Ivan Chebeskov announced this news to reporters during the "Russian Digital Financial System: Digital Currency, Tokenization, and Artificial Intelligence" conference.

According to Bits.media, the Central Bank of Russia aims to prohibit Russian citizens from trading on cryptocurrency exchanges that comply with international sanctions. Ekaterina Lozgacheva, head of the Central Bank's Strategic Development Department, stated that the Central Bank plans to ban Russians from trading on foreign cryptocurrency exchanges that adhere to international sanctions. Russians can only trade cryptocurrencies on foreign platforms through Russian brokers, provided that these foreign platforms do not comply with international sanctions.The country's central bank will establish its own standards for foreign platforms that Russian brokers and investors can use. Lozgacheva noted that even trading cryptocurrencies abroad through Russian intermediaries is subject to foreign regulation, posing additional risks. The annual purchase limit for non-professional investors is set at 300,000 rubles, and they can only access the most liquid cryptocurrency assets through domestic brokers. A test must be completed before trading, and qualified investors are not subject to the limit but must also undergo testing. Relevant restrictions will be included in the second reading version of the draft "Digital Currency and Digital Rights Law," with key provisions expected to take effect on July 1.

According to Bits.media, the Russian government's bill on cryptocurrency regulation will be revised during its second reading, aiming to grant the central bank the authority to set requirements for anti-money laundering verification services for cryptocurrency transactions. Alexey Yakovlev, head of the Financial Policy Department of the Ministry of Finance, stated that he hopes to authorize the central bank to impose requirements on AML services, enabling them to verify whether transactions comply with current Russian laws and regulations.A representative from the Ministry of Finance stated that the authorities plan to mandate AML services to consider an "external perspective," analyzing the performance of Russian cryptocurrency wallets in international services and the "image of the Russian system formed abroad." At the same time, such services must "maintain the confidentiality of Russian financial infrastructure," not disclosing their operational principles and internal process details to outsiders. AML services are platforms that help users verify the risks of cryptocurrency wallets concerning international sanctions, anti-money laundering, and counter-terrorism financing. Currently, the main regulatory body for such platforms in Russia is the Federal Financial Monitoring Service of the Russian Federation.

According to CCTV News, Russian President Putin arrived in Beijing on a special plane. At the invitation of President Xi Jinping, Russian President Putin is making a state visit to China from May 19 to 20.

According to Bits.media, the Russian government's legislative committee has approved a proposal to ban cryptocurrency mining in the border areas of Kursk Oblast. The ban affects eight regions and the city of Lgov. The governor stated that this move was made at the request of resource supply organizations, as residents in nine border regions are exempt from paying public utility fees, including electricity costs, and establishing mining facilities would impose a financial burden on the federal budget. The ban aims to prevent exacerbated energy shortages due to attacks by the Ukrainian armed forces and difficulties in restoring infrastructure. The governor did not announce a specific implementation date but indicated that the ban might be lifted if conditions improve in the future. There have been previous reports that the mining ban could extend to the entire Central Russia region.

According to Bits.media, the State Duma of Russia is reviewing a supplementary bill parallel to the "Digital Currency and Digital Rights Law," which aims to enforce mandatory monitoring of cryptocurrency transactions exceeding 1 million rubles (approximately $13,700). The bill requires operators to identify customers, recognize suspicious transactions, implement internal controls and documentation management, transmit data to government agencies, and interface with the Central Bank of Russia.Digital compliance will become a mandatory requirement, including checks for money laundering and risks associated with funding organizations deemed undesirable. Exchange operators may delegate customer identification procedures to banks and must operate as non-credit institutions. The Central Bank has the authority to restrict their activities, demand changes in management, remove them from the register, or even liquidate the company through the courts.The supplementary bill also includes administrative and criminal liabilities, with fines for violations ranging from 30,000 to 50,000 rubles for public officials and 700,000 to 1 million rubles for legal entities. Illegal circulation of cryptocurrency by organizations may result in a maximum sentence of seven years in prison.

According to Bits.media, the Russian state-owned enterprise Gazprom has requested that its 17 subsidiaries must open digital ruble accounts with the Central Bank of Russia.The company stated that this move is to prepare for compliance with legislation that will take effect on September 1, which requires legal entities to be able to accept digital rubles as a method of payment for goods and services. The Russian digital ruble began testing in August 2023, and by the end of 2025, over 130 legal accounts will have participated in the platform testing. Starting September 1, large Russian banks and major enterprises must provide customers with the ability to transact in digital rubles.

According to CoinDesk, the stablecoin project A7A5, based on the Russian ruble, stated that even if the situation between Russia and Ukraine eases in the future and some sanctions are lifted, this stablecoin still has long-term survival space. Its core value lies in cross-border settlement efficiency, profitability, and the construction of regional cryptocurrency payment infrastructure.The market value of this stablecoin was approximately $500 million, initially aimed at helping Russia bypass banking restrictions, but it hopes to further develop into a "direct settlement channel between stablecoins," allowing for direct exchanges with other stablecoins without relying on USDT, USDC, or the dollar system.

According to Bits.media, the Presnensky District Court in Moscow sentenced the former head of Binance Russia and co-founder of the Blum crypto platform, Vladimir Smerkis, to five years in prison. The court found him guilty of "large-scale fraud" as stipulated in Article 159, Part 4 of the Criminal Code of the Russian Federation.According to the prosecution, in June 2024, trader and crypto blogger Oleg Polunin requested Smerkis's help to drive traffic to his social media. Smerkis promised to bring in about 2 million new users but failed to fulfill his obligations after receiving over 8.8 million rubles, misappropriating the funds for personal use. The verdict has not yet taken effect and can be appealed.Smerkis was arrested a year ago. He served as the regional head of Binance from early 2022 until September 2023, and later announced the launch of the clicker game Blum with another former Binance regional manager; on the day of his arrest, the Blum team announced his departure.

According to Jinshi reports, this week, significant signs of peace have emerged in the US-Iran conflict and the Russia-Ukraine conflict, greatly easing geopolitical risks. Next week, it is worth paying close attention to whether these two geopolitical conflicts can further cool down. In addition, next week's macro events will focus on the US April CPI data, as detailed below:Tuesday 15:15, FOMC permanent voting member and New York Fed President Williams will participate in a panel discussion on monetary policy;Tuesday 20:15, US ADP employment change for the week ending April 25;Tuesday 20:30, US April CPI data;Wednesday 04:30, US API crude oil inventories for the week ending May 8;Wednesday 20:30, US April PPI year-on-year and month-on-month;Friday 05:30, Fed Governor Barr will deliver a speech;Friday 21:15, US April industrial production month-on-month.Finally, next week the Federal Reserve will undergo significant personnel changes. Nominee Chairman Kevin Warsh is expected to be confirmed by the Senate on Monday and will officially take over from Powell on May 15.In terms of US stocks, as of this Friday, a new round of surges has pushed the S&P 500 index up 8% cumulatively in 2026, continuing to rise on the basis of achieving double-digit returns for three consecutive years. The tech-heavy Nasdaq Composite Index has risen nearly 13% year-to-date, with both major indices reaching all-time highs. Although the first quarter earnings season is nearing its end, corporate reports will still be a key driver of stock prices in the coming days.AI