In line with a management decision, Coimex has permanently ceased all commercial relations and membership acceptance processes with Russia, among the countries where we operate.
In the past, within the scope of Coimex’s Web2-based solutions (non-blockchain services), a limited number of memberships and commercial relationships were established with some Russia-based companies. In this context, Coimex members exported wheat and sunflower oil from Russia, while importing fresh fruits and nuts into Russia. Through its Web2 services, Coimex facilitated connections among members and organized meetings and networking activities to support secure foreign trade operations.
However, since the beginning of the war, there have been no active Coimex members receiving services in Russia, which naturally led to a halt in operations in that region. As of today, with this decision, new membership applications from Russia will no longer be accepted, and Russia has been officially removed from our list of supported countries. As a result, the number of countries where Coimex operates has decreased from 108 to 107. You can review the updated country list here.
On the other hand, the Web3-based blockchain solutions we offer with Exim Token cannot operate in the Russian market due to both technical and legal limitations. The primary reasons include the Russian government’s support only for local digital assets such as CryptoRuble in international trade, its legal rejection of global stablecoins like Tether (USDT), and its disallowance of crypto payments in import-export operations. For this reason, services like Escrow Safe Payment and Fast Payment Assurance have never functioned in Russia, and Coimex has never carried out any transactions with Russia via Exim Token.
Coimex’s strategic direction moving forward is to make blockchain-based foreign trade solutions more transparent, secure, and democratic on a global scale. In this regard, we will continue to grow in open and regulation-friendly markets.
