Overview
- Governor Elvira Nabiullina said mining may be an additional support for the ruble but its impact is hard to measure because much activity remains in a gray zone.
- She cautioned against attributing this year’s ruble strength to a sudden surge in mining, noting the sector did not appear in 2025.
- Presidential administration official Maxim Oreshkin said forecasters misread the ruble by undercounting mining and crypto flows that function like a new export and often stay statistically invisible.
- First deputy central bank chairman Vladimir Chistyukhin urged rapid adoption of laws to formalize the sector and confirmed talks with the Finance Ministry and Rosfinmonitoring on channeling transactions through licensed players.
- Russia already permits registered companies to mine, caps household consumption at 6,000 kWh, and requires data centers and hosting providers to register, while lawmakers say cryptocurrencies will not serve as money domestically or in global trade.