• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Russia Utilizes BTC, ETH, and Stablecoins for Oil Trade with China and India

user avatar

by Giorgi Kostiuk

7 hours ago


Recent reports indicate that Russia is increasingly using cryptocurrencies for oil trade with China and India to bypass Western-imposed sanctions.

Emergence of Cryptocurrency Transactions in Oil Trade

According to reports, Russia’s adoption of cryptocurrencies for oil transactions is a response to financial sanctions imposed by the West. These measures have limited Russia’s access to traditional banking systems, leading to exploring alternative payment methods. In these transactions, Chinese and Indian buyers remit payments in yuan or rupees to intermediary trading firms. These intermediaries convert the funds into cryptocurrencies, which are then transferred to Russia and exchanged for rubles. While currently representing a small fraction of Russia’s $192 billion annual oil trade, the use of digital assets is reportedly increasing.

Russia’s Past Interest in Ripple’s XRP

Amelie’s reference to past reports on Russian banks’ interest in XRP aligns with previous studies conducted by the Bank of Russia. In 2018, the bank’s Novosibirsk innovative laboratory researched the feasibility of using Ripple’s platform and XRP for cross-border settlements. The findings suggested that Ripple’s system could serve as a foundation for a cross-border payment network, positioning XRP as a potential bridge currency.

Implications for the Global Financial System

Russia’s pivot toward cryptocurrencies for trade transactions has broader implications for the global financial system. It challenges the dominance of established financial networks and raises questions about the effectiveness of sanctions reliant on traditional banking structures. By adopting digital currencies, Russia and its trade partners can conduct transactions without oversight from Western financial institutions. This trend also prompts regulators to reassess their policies on digital assets and their role in international trade.

Experts suggest that even if Western sanctions were lifted, Russia might continue using cryptocurrencies in its oil trade due to their speed, flexibility, and reduced transaction costs. This sustained use could encourage other nations facing financial restrictions to explore digital assets for international transactions, potentially leading to a more decentralized global financial system.

0

Share

Other news

Central Bank of Russia's Plan: Crypto Trading Trial for Wealthy Investors

The Bank of Russia plans to permit crypto trading for wealthy investors until 2027, assessing risks and potential opportunities.

user avatarGiorgi Kostiuk

2 minutes ago

OpenAI: AI Advances Without Release Announcements

OpenAI aims to simplify AI models for users, avoiding new release announcements.

user avatarGiorgi Kostiuk

2 minutes ago

Potential Bitcoin Purchase via Fund: Rumors and Impact

Rumors about a potential Bitcoin purchase via the U.S. sovereign fund sparked discussions and impact on the digital assets market.

user avatarGiorgi Kostiuk

16 minutes ago

Ripple and the New Financial Era: XRP's Key Role in the USA

An ambitious proposal on XRP's role in the US economy: how it could unlock $1.5 trillion in liquidity.

user avatarGiorgi Kostiuk

16 minutes ago

Mirror Articles No Longer on Blockchain

Since January 13, 2025, Articles on Mirror Stored on Servers Not Blockchain, Raising Concerns and Affecting MASK's Price.

user avatarGiorgi Kostiuk

17 minutes ago

Impact of Stablecoin Growth on Bitcoin Price

Stablecoin growth influences Bitcoin price, indicating potential crypto market peaks.

user avatarGiorgi Kostiuk

19 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

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.