Russia Turns to Cryptocurrency in Oil Trade with China and India

by Giorgi Kostiuk

9 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.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

3MTT Program Expands to Enhance Training and Employment Opportunities

The 3MTT program is set to expand its reach with additional cohorts and training hubs.

Gustavo Mendoza3 minutes ago

3MTT Program Faces Criticism for High Dropout Rates

The 3 Million Technical Talent (3MTT) program has faced criticism for its implementation and high dropout rates due to lack of resources.

Rajesh Kumar3 minutes ago

ESMA Advocates for Centralized Supervision in European Crypto Regulation

ESMA advocates for a stronger role in crypto market supervision to unify regulatory practices across EU member states, supported by France, Italy, and Austria.