• 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

10 months 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

MARA Holdings Transfers 263M in Bitcoin to Wintermute

chest

MARA Holdings executed a significant transfer of 288 BTC, valued at approximately 263 million, to Wintermute, indicating strategic liquidity management.

user avatarMiguel Rodriguez

Bitcoin Core Passes Security Audit and Increases Data Limit

chest

Bitcoin Core successfully passed its first third-party security audit and increased its OP_RETURN data limit.

user avatarLuis Flores

Gold Rallies First, Then Bitcoin Takes Over, Analyst Says

chest

Analysis indicates that Bitcoin often rallies significantly after gold completes a major advance.

user avatarArif Mukhtar

Trump Doubts Machado's Capability to Lead Venezuela

chest

U.S. President Donald Trump expresses doubts about Maria Corina Machado's ability to lead Venezuela.

user avatarDavid Robinson

Leadership Transition in Venezuela After Maduro's Capture

chest

Following the capture of Venezuelan President Nicolás Maduro, attention has shifted to the country's transition to new leadership, with Maria Corina Machado emerging as a key contender.

user avatarMaria Gutierrez

ADP Employment Report to Kick Off Key Labor Market Week

chest

The ADP National Employment Report will be released on January 7, 2025, providing insights into the private-sector labor market and measuring monthly changes in employment.

user avatarAndrew Smith

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.