Page 31 - RusRPTApr23

But Russian users can still buy stablecoins with rubles. After the purchase, the same dollars can be withdrawn to a wallet and sold elsewhere: for example, in a physical exchanger in the country of residence or in an online exchanger. Secondly, Russians still have access to a whole range of other popular crypto exchanges that have not introduced new restrictions. For example, OKX or KuCoin.
Another way available to Russians with a residence permit or long-term visas in European countries is to get a crypto card and pay for everyday expenses directly to it, but keeping large amounts of money on these cards is risky.
2.9 BOFIT Forecast for Russia 2023–2024
Russian GDP contracted by 2.1% last year. For the current year, we expect an economic decline of similar magnitude. Uncertainty and sanctions should dampen domestic demand, and exports should diminish. Russia’s economic stability relies on public-sector spending and war has placed the country on a risky path towards an autarkic economy with a heavy state footprint. This structural transformation is likely to reduce productivity and Russia’s long-term economic growth potential, according to Bank of Finland Institute for Economies in Transition (BOFIT).
Exchange rate policy was anchored by a freely floating ruble and free movement of capital. All these principles went out the window as the government struggled to stabilise the economic situation at the end of
31 RUSSIA Country Report Russia April 2023 www.intellinews.com