The Russian government is poised to introduce sweeping restrictions on crypto assets issued by Western companies, including new fees and transaction limits. If enacted, the proposed legislation could divert billions of dollars in annual transaction volume from international exchanges onto domestically regulated platforms. The draft is expected to clear the State Duma this June, with implementation slated for July 1, 2026.
Which assets are being targeted?
Deputy Finance Minister Ivan Chebeskov has emphasized that the new crypto bill will include economic tools designed to steer Russian users away from tokens labeled as “unfriendly” by regulators. These tools could encompass new fees or restrictive measures. The classification targets tokens issued by entities able to freeze digital assets at the request of foreign authorities.
Ivan Chebeskov confirmed that commissions and similar economic disincentives would be part of the bill, with the main aim being to deter the use of tokens that can be frozen following instructions from foreign regulators.
According to the proposal, Russian citizens without qualified investor status will be restricted to trading only Bitcoin, Ethereum, and USDT. Other dollar-backed stablecoins as well as BNB will be excluded from the official whitelist for retail investors. The rationale: issuers of these assets possess the power to freeze wallets.
Tether, the issuer of USDT, and Circle, issuer of USDC, have the capacity to block certain addresses at the request of law enforcement. It has been reported that Tether recently froze $344 million in compliance with US authorities. Binance, meanwhile, is also said to have introduced new restrictions for its Russian users.
Planned fees and limits
The government has not yet disclosed the precise fee structure that will apply to “foreign” tokens. Vladimir Chernov, analyst at Freedom Global, estimates the surcharge could range from 0.5% to 2% on non-compliant tokens, and up to 3% for stablecoins. Chernov also cautions that excessive fees could drive users towards unregulated, underground transactions.
Denis Astafyev, founder of SharesPro, suggests the measures will extend well beyond fees. Mandatory investor testing, annual transaction volume caps, withdrawal waiting periods, and restrictions on transferring assets to external wallets are all reportedly being considered.
Cross border volumes and pressure for local licensing
The effects of the regulations are expected to go beyond the domestic marketplace. Data from Chainalysis shows that Russia processed approximately $376 billion in crypto transactions between July 2024 and June 2025, the highest in Europe. Legal expert Yuriy Brisov adds that Russian investors pay around $15 billion in annual fees to overseas exchanges, and Moscow hopes to redirect this stream to local, licensed platforms.
A broader regulatory package connected to the draft law is likely to introduce compulsory exchange licensing from July 1 onward. It is reported that foreign platforms lacking local authorization and a physical office may be blocked entirely, with Roskomnadzor developing DNS-level controls to filter access.
Roskomnadzor is Russia’s media and communications watchdog. DNS-level filtering involves blocking online platforms at the domain resolution layer, making it significantly harder for Russian users to access foreign exchanges directly.
Clear distinction for retail and institutional investors
The bill draws a sharp line between retail and institutional market participants. Retail investors will only be allowed to invest up to 300,000 rubles per year, must pass eligibility tests, and will be limited to a narrow set of approved tokens. Professional and institutional investors, on the other hand, will retain broader access.
Vladimir Chistyukhin, First Deputy Governor of the Russian Central Bank, has stated that there are no plans in the near future to expand the list of tokens available to retail users beyond Bitcoin, Ethereum, and USDT. He also noted that ruble-pegged stablecoins are expected to gain priority over their foreign counterparts.
These developments unfold against the backdrop of mounting regulatory pressure on Russia-linked crypto infrastructure from Western governments. In May, the UK sanctioned 18 entities, including HTX. In April, following a cyberattack that cost 1 billion rubles (about $13.1 million), the Grinex exchange—subject to US sanctions—halted its operations.
