• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Russia Turns to Cryptocurrency in Oil Trade with China and India

user avatar

by Giorgi Kostiuk

a year ago

Russia has turned to cryptocurrencies to facilitate its oil trade with China and India, aiming to bypass Western sanctions.

Russia Expands Cryptocurrency Usage in Oil Trade

Russia has started using cryptocurrencies like Bitcoin, Ethereum, and Tether USDT to convert Chinese yuan into rubles, circumventing sanctions.

Sources claim that Russia is increasingly adopting cryptocurrencies in its oil trade as part of Moscow's strategy to bypass US sanctions.

Cryptocurrency Procedures in Trade Deals

Cryptocurrencies are used to ease exchanges between the Indian rupee, Chinese yuan, and Russian ruble. Through intermediaries, yuan is converted into cryptocurrency and then transferred to a Russian entity for conversion into rubles.

Other Countries Follow Russia's Example

Iran and Venezuela have also started adopting cryptocurrency for oil payments to bypass sanctions. The US and Europe have stepped up efforts to clamp down on Russia's crypto activities.

The use of cryptocurrency in oil trade is becoming an alternative for countries facing sanctions, posing challenges to international financial systems.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bitcoin Bear Market Correction Signals Transition into Deeper Phase

chest

The current bear market for Bitcoin has entered a deeper corrective phase, indicating a transition from an early pullback into a more mature bearish stage.

user avatarMohamed Farouk

Global Investors Adjust Portfolios as Japan's Fiscal Policies Shift

chest

Global investors are rebalancing portfolios as Japanese government bonds regain appeal following Japan's snap election, impacting global markets.

user avatarElias Mukuru

Elon Musk Unveils Plans for a Lunar City

chest

Elon Musk has announced his ambitious vision to build a self-growing city on the Moon with SpaceX.

user avatarDiego Alvarez

National Security Concerns Raised in WLFI Investigation

chest

The WLFI investigation led by Congressman Ro Khanna explores national security concerns linked to financial transactions and US controls on AI semiconductor exports.

user avatarSon Min-ho

WLFI Investigation Examines Stablecoin's Role in UAE Investment

chest

WLFI investigation examines stablecoin's role in UAE investment.

user avatarTando Nkube

XRP Ledger Achieves Major Milestone with Institutional Participation

chest

The XRP Ledger has successfully removed barriers for banks, enabling direct settlement and potentially facilitating billions in inflows.

user avatarKenji Takahashi

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.