• 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

Community Response to Kaito Allegations Intensifies

chest

In response to the Kaito token dump allegations, the crypto community has formed decentralized investigation collectives to demand transparency and accountability from the Kaito team.

user avatarDiego Alvarez

Regulatory Implications of Kaito Scandal Highlighted

chest

The Kaito token dump allegations have surfaced during a period of heightened regulatory scrutiny in cryptocurrency markets, emphasizing the urgent need for clearer insider trading rules.

user avatarElias Mukuru

Sui Network Faces Six-Hour Outage Due to Consensus Bug

chest

Sui Network experienced a six-hour outage on January 14 due to a consensus bug, but user funds remained safe.

user avatarKenji Takahashi

Market Cap Expansion Confirms Bullish Shift for ORDIUSDT

chest

The market cap of ORDIUSDT has seen a sharp increase, confirming a bullish shift in the market.

user avatarMaria Fernandez

Commodity Markets Cool as Geopolitical Premium Fades

chest

Commodity markets softened as geopolitical risks eased, with oil prices extending losses and precious metals like gold and silver dipping.

user avatarGustavo Mendoza

Japanese Equities Decline Amid Political Uncertainty and Strong Yen

chest

Japanese equities fell as the yen strengthened, impacting exporter-heavy stocks amidst political uncertainty.

user avatarRajesh Kumar

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.