Polymarket is close-only in Russia. If you’re a new visitor, you can’t start trading here — new positions cannot be opened, though existing positions can still be closed. Russia is the world’s largest crypto-mining economy, and the platform restricts Russian accounts largely because of US sanctions context — but the official tier is close-only, not a full block.
Current Status: Close-Only
Polymarket lists Russia as close-only (restricted on both the frontend and the API): a Russian account can close positions it already holds, but it cannot open new ones. For most visitors this means Polymarket is effectively off-limits for starting new trades in Russia.
This is not the same as a full block. Polymarket applies a complete block (where even closing positions is not possible) to jurisdictions on the OFAC block list such as Iran, Syria, Cuba and North Korea. Because Russia is a US-sanctioned jurisdiction, it is treated with caution — but the platform’s actual restriction tier for Russia is close-only: existing exposure can be unwound rather than frozen.
The Sanctions Context
US OFAC Sanctions
Russia has been subject to a broad set of US sanctions administered by the Office of Foreign Assets Control (OFAC) since the 2022 invasion of Ukraine, with assets of many Russian entities and individuals frozen. Polymarket, as a US-linked platform, must comply with US sanctions law — which is the driving reason Russian accounts are restricted.
It’s important to be precise here: Polymarket’s official status for Russia is close-only, not a full block. That means the platform has deliberately chosen a tier that lets existing Russian users close their positions but prevents them from opening new ones. Any Russian user should be aware that sanctions-related rules are complex and can change quickly, and should take their own legal advice before engaging with US services.
Russia’s Own Crypto Law
On the Russian side, the regulatory direction has moved toward legalization rather than prohibition:
- Law No. 259-FZ “On Digital Financial Assets and Digital Currency” (2020) defines cryptocurrencies and recognises them as property — not legal tender — which gives them a recognised legal status.
- Crypto mining was legalized by law signed in August 2024 and in effect from November 1, 2024; miners using more than 6,000 kWh per month must register with the Federal Tax Service.
- Domestic crypto payments are prohibited — using cryptocurrency to pay for goods or services within Russia is banned, with fines of 100,000 to 700,000 RUB.
- The Bank of Russia (the Central Bank) is the regulator, and as of 2026 it is developing a licensed framework for crypto trading, intending to license exchanges and brokers from September 1, 2026.
So Russian citizens can legally hold, trade, and mine crypto — but not use it as legal payment. Prediction markets themselves are not specifically addressed by Russian law and sit in a largely unregulated space.
The Legal Landscape
The 2020 Law on Digital Financial Assets (259-FZ)
Russia’s foundational crypto law, Federal Law No. 259-FZ, took effect on January 1, 2021. It introduced two key concepts:
- Digital Financial Assets (DFA) — tokenised securities and other regulated digital assets
- Digital Currency — cryptocurrencies such as Bitcoin and Ether
Under this law, cryptocurrencies are treated as property for tax purposes. The law does not ban owning, trading, or mining crypto, but it does prohibit using digital currency as a means of payment.
The 2024 Mining Law (221-FZ)
Signed in August 2024 and in force from November 1, 2024, this law legalised crypto mining in Russia:
- Legal entities and individual entrepreneurs must register with the Federal Tax Service before large-scale mining
- Miners using more than 6,000 kWh per month must register as business entities
- Mining is exempt from VAT, and mined rewards are taxed as income
- Russia has since become one of the world’s largest crypto-mining jurisdictions, strengthening the ruble’s position through energy exports in some analyses
The Bank of Russia and a Regulated Trading Framework
The Bank of Russia is the central regulator. After years of resisting crypto, it has shifted toward legalization. From September 1, 2026, the Bank plans to license five categories of crypto market participants — exchanges, brokers, and related intermediaries — creating a formal regulated trading framework alongside the over-the-counter and P2P markets Russian users rely on today.
How Russians Buy USDC and Manage Funds
Because Russian bank cards are largely blocked on international exchanges, the standard way Russian users move money into crypto is P2P (peer-to-peer) trading in rubles on exchanges that still serve the Russian market. The major exchanges accessible to Russian users include:
| Exchange | RUB Access | Notes |
|---|---|---|
| Bybit | P2P RUB, card | Most popular among Russian traders; strong USDT/USDC liquidity |
| OKX | P2P RUB | Low fees; large RUB P2P marketplace |
| MEXC | P2P RUB | Low spot fees; zero-maker-fee on many pairs |
| Bitget | P2P RUB | Fast-growing; good copy-trading and P2P options |
Important: Binance fully exited Russia in September 2023, selling its Russian business to CommEX (which itself later shut down). So Binance is not a reliable on-ramp for new Russian users, and it should not be recommended here.
Deposit Methods Explained
RUB P2P trading is the recommended method. On Bybit, OKX, or MEXC you can buy USDT or USDC directly from local Russian sellers using rubles via each platform’s P2P marketplace. This sidesteps the card restrictions and is the most common way Russians fund crypto accounts.
Bank cards (Visa/Mastercard, now MIR) are generally blocked for direct deposits to international exchanges, so they are not a reliable deposit rail.
Transferring USDC to Polymarket
If you already hold an open Polymarket position and need to fund it to settle or close it:
- Go to Deposit on Polymarket
- Select Use Crypto and copy your deposit address
- Send USDC from your exchange to the Polymarket address
- Choose Polygon for the lowest fees ($3 minimum, arrives in seconds)
For the full walkthrough, see our How to Deposit on Polymarket guide. Polymarket converts everything to PUSD, its own dollar-pegged stablecoin, on arrival.
Tax Implications
Russia taxes crypto profits under its standard Personal Income Tax (PIT) system, treating digital assets as property.
Personal Income Tax Rates (2026)
| Annual Income | PIT Rate |
|---|---|
| Up to 2.4 million RUB | 13% |
| Above 2.4 million RUB | 15% |
- Crypto profits (selling, exchanging, mining, staking) are taxed as income
- Tax is calculated on net gains in rubles, using the Central Bank’s exchange rate on the transaction date
- Gains are taxed regardless of how long the asset was held (no long-term holding exemption)
- VAT is not applied to crypto transactions
- Corporations pay a 25% corporate profit tax on crypto income
Reporting Requirements
- You must report taxable crypto income to the Federal Tax Service (FTS) using the 3-NDFL form
- Filing deadline is April 30 and tax is due by July 15 each year
- All transactions must be valued in RUB using the Central Bank’s official exchange rates
- The 600,000 RUB mark is a transaction-monitoring threshold used by authorities, not an exemption from declaring profits
- Failing to report can bring fines of 20–40% of the unpaid tax, and large-scale unreported holdings (over 45 million RUB) can carry criminal penalties
Getting Started (Existing Position Holders)
Because Polymarket is close-only in Russia, new visitors cannot open trades here — you’d need to have positions opened before the restriction applied. If you do hold open positions and want to manage them:
- Buy USDC on Bybit or OKX via RUB P2P — the standard Russian on-ramp
- Deposit on Polymarket — transfer USDC via Polygon to fund your account
- Manage your positions — close or reduce existing exposure rather than opening new trades
- Track your records — keep RUB values and dates for 3-NDFL reporting to the FTS
If you’re a new visitor who has never used Polymarket, the practical reality is that you can’t start trading from Russia today — there is no way to open a fresh position on the platform from this region.
Related Guides
- All Country Guides — Check availability for every country
- Country Availability Checker — Instant status lookup for 190+ countries
- What Is Polymarket? — Learn about the platform
- How Prediction Markets Work — Understand the mechanics
- How to Sign Up for Polymarket — Create your account in under 2 minutes
- How to Deposit on Polymarket — Fund your account step by step
- How to Trade on Polymarket — Market orders, limit orders, and tips
- Polymarket Fees Explained — Fee breakdown by category (or use the fee calculator)
- Polymarket Review 2026 — Full platform overview