Russian Finance Ministry officials have stated they are considering a separate stablecoin bill, rather than including stablecoins in upcoming regulations for cryptocurrency exchanges. Alexey Yakovlev, head of the Finance Ministry's Financial Policy Department, stated that stablecoins have "enormous, even extremely enormous, potential." Russia has viewed stablecoins as a potential tool for circumventing sanctions. Yakovlev said that once the State Duma passes a bill prohibiting citizens from trading crypto assets on platforms without operating licenses, they will begin to push forward with stablecoin regulation. This cryptocurrency bill is expected to be submitted to the State Duma at the spring session and could take effect as early as July. Currently, stablecoins do not have legal status under Russian law, and the Finance Ministry stated it hopes to resolve this issue as soon as possible. Yakovlev stated that the government wants to ensure that stablecoins "serve economic interests, especially domestic interests." Previously, the Central Bank of Russia established a "Foreign Digital Rights" category, with the first approved stablecoin being the ruble-pegged A7A5 stablecoin, which was approved for use in overseas trade last October. According to DefiLlama data, the total value of issued stablecoins has increased by over 51% since the beginning of 2025, reaching $311 billion.