How Russian Firms Used Crypto to Trade With Sanctioned Iran

Russian businesses trading with Iran developed a layered system of crypto transfers, hawala settlements, and borderless barter arrangements to recover revenue that Iran’s official exchange rate structure would otherwise eliminate. Sergey Mikheev, Director of Business Development at BiyskKotloStroy (boiler engineering & construction), told BeInCrypto in an exclusive interview with Evgeniya Likhodey. The Exchange Rate Gap That Made Normal Business Impossible The system, which Mikheev describes as fully operational before June 2025, has since been suspended. A military conflict that began that month halted every cross-border transaction his firm had built, leaving completed infrastructure, signed counterparty agreements, and mapped logistics corridors idle source: https://beincrypto.com/russia-iran-crypto-hawala-sanctions-trade/