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Sources say the Sizlan oil refinery in Russia halted oil processing following a drone attack on May 21.Two sources said that Caspian Pipeline Alliance (CPC) oil exports rose 5% in April compared to March, reaching 6.314 million tons.On May 25, 2026, Pan Gongsheng, Governor of the Peoples Bank of China (PBOC), met with Jean-Pierre de Gallo, Governor of the Bank of France. The two exchanged views on the global and Chinese economic situation, Sino-French and Sino-European economic and financial cooperation, and global economic and financial governance. Pan Gongsheng stated that in recent years, under the strategic guidance of the heads of state of China and France, Sino-French relations and cooperation have made positive progress. Currently, the global economy faces multiple challenges, including geopolitical conflicts. China and France, and China and Europe, should strengthen strategic communication, jointly uphold multilateralism, and work together to build a more fair, just, inclusive, and resilient global financial governance system. China is firmly committed to opening up its financial sector and welcomes financial institutions from all countries, including France, to deepen their presence in the Chinese market. The PBOC is willing to continue deepening exchanges and cooperation with the Bank of France to elevate Sino-French and Sino-European financial cooperation to new heights. De Gallo stated that deepening Sino-French and Sino-European cooperation is of great significance in the current complex and volatile international situation. The Bank of France attaches great importance to its cooperative relationship with the PBOC and is willing to further strengthen communication and coordination to jointly promote the improvement of global economic and financial governance. Following the meeting, De Gallo delivered an academic lecture at the Peoples Bank of China and exchanged views with staff. Xuan Changneng, Vice Governor of the Peoples Bank of China, attended the meeting and chaired the lecture. Yi Gang, President of the China Finance Society, also attended the lecture.According to TASS, the Russian Foreign Ministry has called on foreign citizens to leave Kyiv.The SC crude oil futures contract narrowed its intraday decline to 2.00%, currently trading at 609.20 yuan per barrel.

The Russian Ministry of Finance Has Completed A Bill To Regulate Cryptocurrency Mining

Cory Russell

Apr 18, 2022 10:54

The draft legislation of the crypto bill "On Digital Currency" by the Ministry of Finance (MoF) emphasizes mining and trading laws.


Operators of exchanges and digital trading platforms will be licensed and regulated by a Russian government entity.


The new rule comes as a result of a rising desire for mining among Russian ministers.


Russia's new crypto regulatory law, according to information supplied by Russian news source Kommersant, would be rigorous in its approach.


The most current version of the draft legislation covers the new trading and mining laws for cryptocurrencies (Bitcoin, Ethereum, Litecoin, and others) introduced under the bill "On Digital Currency."

Russia Creates New Crypto Bill

The bill's additional standards for exchange and digital trading platform providers were one of the bill's centerpieces. According to Kommersant, these operators will now work as a team.


The exchange operators will be the ones to buy and sell cryptocurrencies on their own behalf and at their own cost, while the operators of digital trading platforms will be in charge of the organized bidding.


Additionally, these operators will be required to establish a distinct structural unit, produce yearly reports, meet the needs of new management bodies, perform internal control and auditing, and more.


They will also need to be classified as an AML/CFT organization, and their operations will be regulated and licensed by a Russian government authority.


Finally, for the first time, the measure will concentrate on the crypto mining process and companies. After registering with the appropriate authorities, legal companies, and individual miners, the law specified that crypto mining might be done.


These operations will be taxed individually, and data centers will be made available for mining if the owner is a Russian legal company.

Mining is in high demand

While the Russian government was planning to take cryptocurrency in January, things started to pick up pace once the Russian-Ukraine conflict erupted. Not only was the demand for cryptocurrencies increasing, but so was the need for mining.


Russia's Deputy Energy Minister, Evgeny Grabchak, stressed that the legal void around crypto mining must be filled as quickly as possible, with a clear set of laws and regulations in place.


To make the process more efficient, he advised decentralizing it by choosing mining locations on a more regional level rather than at the federal level.


With these rules about to take effect in the near future, it seems that the transition from calling for a mining ban to accepting controls is more of a necessity than a natural shift of attitude.

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