Russia’s crypto framework would place losses from foreign stablecoin freezes on investors when restrictions are imposed beyond a Russian digital depository’s control. Deputy Finance Minister Ivan Chebeskov said about 20 million users in Russia hold an estimated 3.7 trillion rubles, or roughly $44 billion, in cryptocurrencies and related financial products, while daily crypto transactions total about 50 billion rubles. Federal Law No. 282-FZ allows market operators, platform operators and clearing organizations to exclude liability for losses caused by foreign-law entities that seize digital assets or restrict transactions. Qualified and nonqualified investors can trade through regulated intermediaries, although tested nonqualified investors face a 300,000-ruble annual purchase limit per intermediary. Tax residents must begin reporting covered transactions involving addresses outside Russian depository administration on May 2, 2027, while the Finance Ministry and Bank of Russia continue studying a domestic stablecoin model.