Russian banks are rejecting some payments tied to a cash-based Tether (USDT) trade involving Belarus, RBC reported, as Russia prepares a separate restriction on direct crypto trades between individuals.
In the route described by RBC, traders obtain USDT through exchanges in Belarus or other former Soviet states, then sell the tokens for cash in Russia using exchange services. RBC said traders aim to benefit from a gap between cash and bank-transfer exchange rates.
RBC also reported that some payments to Belarusian crypto exchanges were blocked after customers deposited cash. A representative of the Bank of Russia, Russia's central bank, told RBC the arrangement could be used to launder funds whose origin is unclear.
The reported payment refusals concern the cash-trading route. Separately, Bank of Russia guidance says direct crypto trades between individuals will no longer be permitted starting July 1, 2027. From July 1, 2027, Russian residents who are not authorized crypto service providers may conduct other covered crypto transactions only through or with such providers, the Bank of Russia says.
