• 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

Morgan Stanley Moves into Digital Asset Custody with National Trust Bank Charter

chest

Morgan Stanley has filed for a national trust bank charter to launch its Digital Trust, allowing it to hold digital assets under federal supervision.

user avatarZainab Kamara

Charles Hoskinson Warns Against HR 3633's Impact on Crypto Projects

chest

Charles Hoskinson warns that HR 3633 could hinder new crypto projects in the US by classifying them as securities.

user avatarSon Min-ho

CFTC Establishes Innovation Advisory Committee to Collaborate with Digital Asset Sector

chest

CFTC has formed an Innovation Advisory Committee to enhance collaboration with the digital asset industry.

user avatarAyman Ben Youssef

Defense Stocks Surge Amid Ongoing Geopolitical Turmoil

chest

US defense stocks are experiencing significant gains due to the ongoing geopolitical turmoil related to the Israel-Iran-US conflict.

user avatarTando Nkube

XRP Technical Indicators Show Mixed Signals Amid Price Correction

chest

Technical indicators for XRP show a loss of bullish momentum, with MACD losing pace and RSI below 50.

user avatarJesper Sørensen

Polymarket's Legal Battle Continues as Case is Remanded to State Court

chest

The federal court has sent the case against Polymarket back to state court, rejecting its jurisdiction arguments.

user avatarKofi Adjeman

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.