Russia's Central Bank (CBR) released crypto trading rules on November 11, 2026, allowing stock exchanges to launch regulated crypto trading operations starting November 22. The first batch of assets approved for retail investors includes Bitcoin, Ethereum, and USDT, with regulations taking effect November 17. Non-accredited investors face an annual purchase cap of 300,000 rubles (~$3,800) through a single intermediary and must complete a risk-awareness test before trading. Moscow Exchange plans to begin crypto trading December 1, while Sberbank has obtained regulatory registration to operate crypto businesses. As of November 6, the CBR's digital custodian register expanded to 9 firms and its exchange service provider list reached 25 institutions. Russia still prohibits crypto payments for domestic goods and services, and direct P2P transactions between individuals will end July 1, 2027, channeling trades through registered intermediaries. The policy shift reflects practical pressures: Deputy Finance Minister Ivan Chebeskov estimated daily crypto trading volume in Russia at approximately 50 billion rubles (~$650 million), with annual volume exceeding 10 trillion rubles (~$130 billion). Western financial sanctions since 2022 have also driven cross-border trade settlement needs, though exporters and importers remain permitted to use crypto for international payments under a separate legal framework.