Russia Turns to Cryptocurrency in Oil Trade with China and India

user avatar

by Giorgi Kostiuk

2 years 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Tokenized Asset Compliance Faces Practical Challenges

The announcement from Further Asset Management highlights significant challenges in the practical implementation and legal interpretation of compliance rules for tokenized assets.

user avatarLucas Weissmann

Chainlink Introduces CustodySync to Enhance Institutional Lending

Chainlink has launched CustodySync in collaboration with Anchorage Digital to synchronize information between custodians and decentralized lending protocols, facilitating institutional borrowing while ensuring compliance with custody regulations.

user avatarFilippo Romano

Uniswap Developer Analytics: A New Tool for Enhanced User Engagement

Uniswap Labs has launched Developer Analytics, a new feature for developers to analyze requests, error counts, and transaction volumes, aimed at improving user retention and overall developer experience.

user avatarEmily Carter

Uniswap Labs Introduces Developer Analytics to Enhance Dashboard Experience

Uniswap Labs has launched Developer Analytics on October 28, 2023, adding new reporting features to its developer dashboard to enhance the developer experience.

user avatarTomas Novak

Bitcoin ETF Outflows Show Contrasting Trends as October Ends

US spot Bitcoin funds faced significant withdrawals at the end of October, with BlackRock's fund attracting nearly $1 billion in net inflows, highlighting contrasting trends in investor demand.

user avatarKaterina Papadopoulou

Theft of iPhone Leads to Significant Financial Loss for Cryptocurrency Executive

Theft of iPhone leads to significant financial loss for cryptocurrency executive Magnus Ahmad, who lost approximately $14,000 after his unlocked device was stolen, resulting in unauthorized access to his financial accounts.

user avatarMaya Lundqvist

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.