According to Foresight News, at least two top Russian metal producers have started using Tether's stablecoin and other cryptocurrencies to settle some of their cross-border transactions with suppliers. In some cases, settlements are completed via Hong Kong. Ivan Kozlov, co-founder of Resolv Labs and a digital currency expert, stated that in countries facing dollar liquidity issues and capital controls, settling cross-border transactions through cryptocurrencies, especially stablecoins pegged to the dollar, is a relatively common practice, not only in the commodities sector.
The growing use of cryptocurrencies in settlements also indicates a shift in the attitude of the Russian Central Bank towards the industry. Previously, the Russian Central Bank had considered banning the use and creation of all cryptocurrencies. However, in November last year, Elvira Nabiullina, the head of the Russian Central Bank, told parliament that she supports the experimentation of such payments in international transactions.