The additional revenue from cryptocurrency mining will allow Russia to mitigate the impact of the sanctions. This is stated in the new report of the International Monetary Fund (IMF).

According to the organization, the Russian Federation, which has huge energy resources, may try to convert them into money by skipping exports.

The IMF did not exclude that Russia uses decentralized exchanges (DEXs), crypto mixers or privacy-focused cryptocurrencies such as Monero to move funds outside of the traditional financial system.

“The current share of cryptocurrency mining in sanctioned countries and the overall size of mining revenues indicate that the scale of such flows is relatively limited, although risks to financial integrity remain,” IMF experts said.

US and UK regulators have advised local crypto companies to be cautious when taking transactions to avoid any backlash from the Russian government.

Recall that the definition of mining and the basic mechanisms for its regulation are described in the draft law of the Ministry of Finance “On digital currency”, which is currently being actively discussed.

The Ministry of Energy of the Russian Federation has already supported the legalization of mining, and the Ministry of Industry and Trade and the Ministry of Construction proposed the creation of an experimental legal regime for cryptocurrency mining.

Earlier, Stanislav Akulinkin, financial director of the EMCD pool, said that Russia could use mining as a source of export earnings.