At the end of last year, Sberbank, the largest consumer bank in Russia, issued a gold stablecoin on the Hyperledger Fabric blockchain. Solfer, a metals trader, was the first to complete a transaction using the newly minted Sberbank gold stablecoin in December 2022. Though this event was widely reported, it did not represent the issuance of the first precious metal stablecoin in Russia. That honor goes to Norlisk, the world’s largest palladium and high-grade nickel producing company, that issued palladium stablecoins on the Atomyze blockchain several months prior in July 2022.
In response to the Norslisk launch of a palladium stablecoin to facilitate transactions and in anticipation of the Sherbank issued gold stablecoin, the EU sanctioned all Russian cryptocurrencies in October 2022. Of course, the EU has no jurisdiction inside Russia or in any of the EAEU (Eurasian Economic Union) nations or in any nations outside of the EU. Thus, their sanctions have had zero effect in blocking international transactions among any of the aforementioned nations though they can block stablecoin transactions between Russian banks and corporations or banks domiciled in EU nations. In addition, Iran also announced plans to launch a gold stablecoin alongside the Russian gold stablecoin for joint use in bilateral trade. EU sanctions will have zero ability to stop bilateral trade between Russia and Iran that uses a joint gold backed stablecoin.
Furthermore, Sberbank has now made its Hyperledger Fabric blockchain completely compatible with the much more widely used Ethereum blockchain, a process that will no doubt facilitate the number of institutional transactions with Sberbank’s gold stablecoin in the future. As NATO and the EU have countered every Russian financial effort to skirt sanctions with more sanctions, this constant effort to stymie all Russian financial transactions almost certainly have only strengthened Russia’s resolve to launch its proposed MWS (Moscow World Standard) price fixing platform, and on an expedited timeline.
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