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Crypto

Russia to roll out digital rouble payments from Sept 1; crypto payment ban remains

Russia will begin introducing digital rouble payments from Sept. 1 local time, but will keep prohibitions on using cryptocurrencies as a direct payment method. Major telecoms, online marketplaces and key banks are set to support the state-controlled digital currency, which becomes a third form of national money alongside cash and non-cash roubles. Laws set phased obligations for firms and banks to adopt the system, though surveys show limited consumer willingness to use it.

Industry

Nongshim to set up Russia unit to target premium instant noodle market

Nongshim will set up a local sales unit in Moscow in June to step up its push into Russia’s instant noodle market and use it as a base for the wider CIS region. The company plans to focus on the premium segment, where products are priced at 200 roubles or more, and expand distribution through major retailers and e-commerce platforms. Supply will come from a Busan export plant due to be completed in the second half.