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Bloomberg reports.

At least two metal producers from Russia have started using Tether Holdings' stablecoin and some other cryptocurrencies to settle international financial transactions, mostly with clients from China. In particular, such settlements are made through Hong Kong.

"The fact that large Russian firms are now switching to blockchain two years after the start of the invasion of Ukraine in February 2022 emphasizes the lingering impact on the economy of international restrictions in response to the war", the news agency emphasizes.

Russian companies trading in commodities from metals to timber have had difficulty receiving payments for their products since the start of Russia's full-scale invasion of Ukraine. Such problems are also faced by those firms that have not been sanctioned by the US, EU and allies.

The article emphasizes that even in China, financial transactions have become more difficult despite the fact that the country has not joined international sanctions, but instead has become the main export market for many Russian goods and a supplier of goods and equipment.

• On May 15, United Nations observers said that North Korea laundered $147.5 million through the virtual currency platform Tornado Cash in March after stealing from a cryptocurrency exchange last year.